More millennials are choosing to spend their money on life experiences rather than saving for a house.Despite earning $85,000 a year, she feels owning property is out of reach for her.
“My other frivolous expense is book subscriptions, for special edition books. So that can cost me a few hundred dollars a month as well.” Kate said she would never want to buy an apartment - from her work in property law she’s seen a lot of ”horror stories” with strata.“If I'm saving 20 grand a year, it's gonna take me eight years to get even a 10 per cent deposit, ” she said.“And they say you should aim for 20 per cent of the property value. So that would take me 16 years to save by myself on my current income.
“People are now aiming for a psychologically rich life, which is characterised by a variety of interesting and perspective-changing experiences, ” he said. “Moreover, attending university tends to expand one's horizons to overseas opportunities and adventures. The combined result is an extended period of “finding oneself” in the early-to-mid 20s.”
“I don't see myself moving from the city in the next five years. Even after I get a job teaching that salary won’t be enough to buy a house in this area.”“I spend my money on going to see live music. I love to go to the theatre, eating out for social events.”