There are ten years between Eleanor Peake and her sister - but their financial prospects are wildly different. She reports on a growing divide that's delaying adulthood
There are ten years between Eleanor Peake and her sister - but their financial prospects are wildly different. She reports on a growing divide that's delaying adulthood
But she found work and in 2013, when Katie was two years younger than I am now, she bought her first home – a two-bed flat overlooking the canal in east London. Millennials experienced high house prices compared to previous generations, but thanks to the crash, mortgage rates were minimal. In 2011, they were as low as 1.5 per cent.
For my generation, it’s hard to escape the feeling of being born in the wrong decade. The financial differences between us and those 10 years older could not be starker. In 2011, half of young people in England and Wales had moved out at 21. Today, record numbers of young people live with their parents – including 60 per cent of all 21-year-olds.
High interest rates and elevated house prices mean that first-time buyers will pay £104,400 on average in the first five years of their mortgage according to recent data from the letting agent Hamptons. Filby calls this phenomenon “Kidadulthood”. “We’ve seen a growing delay of adulthood. That’s not just driven by economics – it’s also driven by people wanting more freedom in the first part of their lives, and not front-loading adult responsibilities – but I do think there’s also an economic story,” she says. “The five markers of adulthood are traditionally owning a home, getting married, being financially independent of your parents, having kids and finishing your education.
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