According to the Student Loans Company, two thirds of millennials who attended college would never be able to pay off their debt. This generation is widely seen as being doomed financially.
However, due to the housing crisis and the weak job market, one in four adults between the ages of 20 and 34 still lives with their parents. Furthermore, more than half of UK graduates do not hold degree-required positions.
Many people, however, think that receiving a cash bequest from their parents will solve all of their financial problems, despite the fact that they may struggle to enter the property market and be burdened with student loan debt.
According to recent First Direct research, 66% of millennials anticipate receiving an inheritance from their relatives, with 43% intending to use it to settle debts.
19% of respondents stated saving isn't important to them because of the size of the windfall they anticipate receiving.
According to a poll of 2,000 people between the ages of 18 and 32, the average inheritance that millennials anticipate receiving is little over $80,000, and a quarter of them said that they are concerned that their parents' extravagant spending will reduce the amount they will receive overall.
The study was conducted in response to reports that six in ten millennials claim to be experiencing a "quarter-life" crisis, with financial issues being the primary contributing factor (more than half of whom report spending more than they make each month).
According to Nick Harrison, head of products at First Direct, "three out of four millennials are not currently saving on a regular basis, and just one in two hope to start saving in the next five years. It's little wonder financial troubles are a major source of quarter life crises."
"Regular saving is more important than receiving an inheritance if you want to plan for your financial future.
Setting objectives or placing money into "buckets" like "debts," "deposit," or even "vacation" can soon pile up. Saving even tiny sums at start can make a major difference to financial wellbeing.
