Despite popular opinion that millennials are lazy, entitled, spend-y brats, a new study by Vancity seems to prove otherwise.
The report released Thursday indicates that a majority of BC millennials – that’s 60% – who live at home are saving to buy their own homes.
In fact, a majority of those polled say they’re employed and not going to school, and 25% earn between $3,000 and $5,000 a month.
One-third say they’re saving over half of their income.
“Increased financial burdens for millennials make it harder to break out on their own, buy a home or start a family even when employed,” says Vancity vice president of community investment William Azaroff.
“We need to stop perpetuating unhelpful stereotypes about them and find solutions to make housing in particular more affordable.”
The report also finds that BC millennials are spending less on personal indulgences compared to the preceding generation, Gen X-ers. A projection for 2016 predicts that millennials will spend just 3% of their income on tobacco and alcohol, and 5% on recreation.
Comparatively in 1992, Gen X-ers of the same age spent 6% of their income on tobacco and alcohol and 8% on recreation.
Oh, to be a Gen X-er. So indulgent.
Parents of millennials, however, seem to need more convincing – only 33% of them believe their adult children who live at home are actually saving to buy a house.
God mom and dad, get off our backs.
The report says the city needs more purpose-built affordable housing in order to help solve the housing crisis, and millennials need to be paid living wages as well.