Friday, 28 October 2016

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.’

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