Monday, 21 April 2014

British teens expect to own house by 25

More than half the UK’s teenagers expect to be able to buy a home by the age of 25, a report says.

An RBS survey of 12,000 teenagers found that 52 per cent think they will be able to afford to buy a home outright by their mid-20s, despite less than 20 per cent of first-time buyers being under 25 in the last five years.

When asked if they expected to buy a home by the age of 30, the figure saying yes jumped to 82 per cent.

Salary expectations also proved high with the teens believing they will have an average salary of £35,400 by 25 and £61,700 by 35.

The national averages for the ages are £18,705 and £24,333 respectively.

Andrew Cave, who oversees RBS community programmes said: ‘This year’s results show British teens are taking a real interest in their money, but it’s clear there’s a growing gap between young people’s expectations and reality, that’s why its so important that we equip them with the knowledge and skills to make considered financial decisions for their future.’

Readers' comments (20)

  • This is very funny, and highlights how naive the youth of today really are! £35k by 25, I wasnt earning £25K by then, working full time in Housing as a Housing Officer.

    £61k by 35?! Someone stop giving out EMA, clearly the youth of today are using it to get high.

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  • Sexton

    it is possible if they go to Ukrain, but they have to be quick before the Germans get there.

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  • Progressive Solutions Required

    Perhaps once they realise that neither Santa Claus nor the Tooth Fairy exist they will reappraise their view - or is it that they are sure that a Socialist Government will have been elected by then that such aspirations will be a realised!

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  • Jack Daniels

    35k by 25 and 61k by 35 are a possibility.....if you sell drugs i.e. graduate as a pharmacist or sell the goods illegally.

    The amazing thing is that there is potential to earn a lot more than that depending upon who you sell to (ask the medical reps about the size of their bonuses) and what you sell (just ask a heroin or cocaine dealer)!!!

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  • Rick Campbell

    Is it really true that Santa doesn't exist? That nice Mr Shapps is Santa ain't he?

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  • Well there is a belief that you can have it all in life, which is sold daily to the youth. Realistically it's unlikey. Even if they graduate with a top degree and waltz into a highly paid job (say earning £30k for their first job) that leaves them at 21 (assuming a 3 year course started at 18) with 4 years to pay off the house. Unlikely.

    Heck, by 25, most Doctors would only just be fully qualified.

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  • Heck, by 25, most Doctors would only just be fully qualified.

    indeed Narra, and also straddled with debt.

    can i have some of what these youth are smoking?

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  • Melvin Bone

    It seems that many teenagers still live in a fantasy world...

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  • Sidney Webb

    It is not just teenagers Melvin - just look at some of the posts supporting the indefensible attacks coming from the government and you can see that the delusion is across age groups and actively subscribed - damn, and these idiots are allowed to vote too!

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  • Fear & Loathing

    But surely most of today's teenagers will win X-Factor and be millionaires won't they - that's what they are led to believe.

    The regeneration project on a deprived estate in the city near where I live, spent £3million setting up a studio to train DJs. I am sure that all the dozens of teens trained through there are making a mint now. There are so many well paid jobs as a DJ out there, arn't there?

    Todays teenagers are fed on a fantasy diet of TV, the Sun, celebrities & football stars.

    It makes me glad to be old & miserable.

    Teenagers expect to own a house outright by the their mid-twenties. What about a mortgage then? Oh they won't need that!

    Both of my kids are in their mid-twenties, university educated and about as likely to be able to afford to buy a house as my dog is.

    Has the world gone mad?

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