It is popular belief that Millennials will never own their own homes. Of course we won’t. We spend too much money on triple caramel iced macchiatos to was down our avocado toast. In all seriousness, much has been made of the supposed link between Millennial spending habits and us being unable to buy a house. Whether or not such a link exists or not is another matter. It’s safe to say that it doesn’t.
With house prices and rent rising higher than inflation and Millennials set to be the first generation worse off than the generation that came before, this is not a situation of our own making. In Colchester, the average price of a two bedroom house went from £161,000 in 2013, to £217,500 in 2017, an increase of £56,500 in 4 years, with the average deposit now at £33,000.
But do Millennial’s really have spending habits? Do we really spend too much money on alcohol or coffee or £3 meal deals? Coffee and meal deals, maybe, but I don’t drink.
In a poll conducted among University of Essex students with a sample size of 150, 59% (89 respondents) said that they bought neither a daily meal deal or a hot drink. 21% (31 respondents) said they only bought a daily hot drink, while 9% (14 respondents) said they only bought a daily meal deal. 3% (5 respondents) said they bought both a daily meal deal and a hot drink, while 7% (11 respondents) said they only bought a daily meal deal or a coffee “every once in a while” (1% margin of error due to rounding).
This shows that only a minority of students are obsessed with meal deals and coffee, as many commentators say.
Additionally, we asked two students from different Universities, one from Sussex and the other from Sheffield, about their spending habits. The student from Sussex spends about £80 a week, with the one from Sheffield spending about £40 a week. Both described their weekly expenditures as “average”, and when asked if “Millennial spending habits” are related to Millennials being unlikely to own their own homes, the student from Sheffield responded by saying “I think the idea of £3 meal deals being one of the main reasons for people struggling to get onto the property ladder is a preposterous idea”.
In a poll conducted among University of Essex students with a sample size of 38, 97% (37
respondents) said no, and 3% (1 respondent) said yes.
I do spend a bit of money on coffee, though. A large latte from the Kitchen (best coffee on campus) is £1.50, but I do sometimes have to resort to a latte from Starbucks at the SU bar. I sometimes buy up to three on a Thursday morning.
Reader, I’m buying a cafetiere.