Millenials more likely to invest a windfall in property
If given $100,000 boomers would travel, while millennials crave bricks and mortar.
In what’s likely to come as a shock to no-one in the millennial and gen X generations, a recent survey shows if they won $100,000, they would put the funds towards a mortgage.
A survey conducted by Galaxy Research on behalf of Subway asked 1,000 Australians what they would do if they won $100,000, Domain has reported. The survey included a multiple choice list of 10 predetermined responses with options such as putting the money towards a deposit on a house or to pay down a mortgage, or taking a trip overseas for a World Cup final.
The survey showed the only age group not to choose property as their first choice were those aged over 65, who said they would instead prefer to travel. Amongst the other generations, 54% of millennials (18-34 year olds), 59% of generation Xers (35-49 year olds) and 49% of Baby Boomers (50-64 year olds) would put the $100,000 towards their mortgage or a deposit to buy a house.
Ben Miles, PR and communications manager from Subway, was surprised by the generational difference that chose buying a house over travelling, according to Domain.
“I think this strong focus on financial security from millennials is a comment on our economy and housing market to be honest,” Miles said. This might explain why there have been calls for the government to address the issues that are preventing the younger generation from getting into the property market.
The findings indicate millennials are more interested in getting into the property market than they are typically credited for, according to certified accountant and founder of Winner Partnership Susan Wahhab. Women with Cents founder Natasha Janssens also told Domain the differences are a reflection of the differences in society and lifestyle that each generation has experienced in Australia.
“They [millennials] live in an age of consumerism, in a time where social media means you are constantly bombarded by advertising and brag reels,” Janssens said. "I would suggest that if older generations had grown up with today’s technology and financial markets, they would likely be making the same choices as the millennials are today."