The Finance Zone | Managing Those Expectations
Home Buyers Guide – New Research shows that ambition cannot be contained.
New research from Alliance & Leicester Bank reveals that the recession has not affected the financial ambitions of young people today compared to two years ago, when the economy was in better shape.
The research findings reveal:
- The average earning expectations of 16-21 year old men is £44,600 in 10 years time, with the average earning expectations of young women being £34,800 (the current average national wage is £25,123)
- Seven in ten (71%) 16 to 21 year olds still expect to get on the property ladder by the time they reach 30, compared to 72% two years ago30% expect to be debt free before they are 34 years old compared to 32% two years ago
- One in four (27%) believe employers are more interested in experience than qualifications, with 15% believing employers prefer qualifications
Andy Bayes, head of Abbey and Alliance & Leicester Current Accounts commented: “With so many young people looking to maintain their financial and lifestyle aspirations during these tough economic conditions, it is essential that those looking to start their career have access to good sources of advice, information and inspiration.”
Thanks for that Andy, however this is the simple plan for all First Time Buyers.
Getting on the Property Ladder has never been easy. Ask your Parents.
Saving the Deposit is a struggle, working longer hours and spending less for months on end. Is the pain worth it? Of course.
Finding the right property could take months use the time you have now to research areas and property types. The longer the buying decision the better it will be. Ask any Millionaire.
As always I hope this helps.
Richard Smith
