"Young adults have long been accustomed to receiving "advice" from their elders about how they could afford to get on the property ladder if they just stopped frittering away all their money on avocados and ­Netflix subscriptions. The advice is often doled out by someone who hasn't bought a house since Charlie ­Haughey was in power and is recalling how they had to scrimp and save themselves because interest rates were in the mid to late teens."
"Young adults have long been accustomed to receiving "advice" from their elders about how they could afford to get on the property ladder if they just stopped frittering away all their money on avocados and ­Netflix subscriptions."
Many young adults receive persistent guidance from older generations to reduce discretionary spending in order to afford a home deposit. The guidance often invokes memories of past high interest rates and the necessity to scrimp and save to buy property. Some prospective buyers respond by starting to save for a deposit during college, reallocating funds away from items like avocado toast and streaming subscriptions. The intergenerational advice reflects different historical economic conditions, including much higher mortgage rates, which shapes the messaging and motivates early saving among some students.
Read at Independent
Unable to calculate read time
Collection
[
|
...
]