Global Power | Local Knowledge | Uniquely Personal
中文

$100k properties 'more likely ...

$100k properties 'more likely to be bought by millennials than boomers'

If they won £100,000 in prize money, millennials and generation Xers are more likely to spend it on property than the older generation of boomers. 

This is according to the findings of a new study commissioned by Subway and carried out by Galaxy Research, which asked 1,000 Australians which item from a list of ten is the one thing that they would spend the majority of £100,000 prize money on, Domain reports. 

Some of the items on the list included a deposit on a home or paying down a mortgage, taking a holiday to exotic destinations, going to a World Cup final or following a sports team around the world and hiring a chauffeur, chef or butler.

Using the latest population estimates from the Australian Bureau of Statistics, the survey findings were then weighted and projected to the wider population. 

This revealed that  54 per cent of millennials - specified in the data as those aged 18 to 34 - would choose to spend the money on property, with  59 per cent of generation Xers - those aged 35 to 49 - feeling the same way. 

Both of these are significantly higher than the 49 per cent of boomers - defined in the study as those aged 50 to 64 years - who would do the same thing with the money. 

Ben Miles, PR and communications manager for Subway, said the findings were unexpected. 

"The generational difference when it came to buying a house versus wanting to travel to exotic destinations was certainly surprising," he remarked. 

"I think this strong focus on financial security from millennials is a comment on our economy and housing market to be honest."

The over-65s were the only age group that did not overwhelmingly select property as their first choice, with travel being the most popular decision for this demographic at 36 per cent.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

Subscribe Now

Name
Country of residence
Email
Mobile
Please send me sms communication
I have understood & consent to the T&Cs & Privacy Policy