G EN Z and even members of the older generation are gradually giving up hope of ever owning their own property, especially in the UK and Spain. It’s far too expensive, wages fail to keep up and attitudes are changing. For example, in Germany, some 40 percent of the country live in rented accommodation. France too has a very high percentage; the obsession with having to own your own home has never been part of their cultures.
And in my family is a group of young professionals aged 26 to 30. Instead of worrying about saving for a house or even a pension, they are enjoying the moment and spending the money now on weekend breaks, holidays, treats, the latest gadgets and clothes, and from what I’ve been reading and watching regarding the UK, young attitudes seem to be shifting in the same direction.
Young people are giving up on what has become an impossible dream. Furthermore, wealthy parents are passing on the inheritance much earlier to help their children make the most of life, after all, they will get it one day, why wait?
Let them have it now, plus the tax office will get its hands on less of it. Gen Z, along with solo travel, is forecast to be one of the boom sectors for the tourist industry next year with the sector spending more than ever before. Priorities are changing and perhaps for the better, let’s have some fun.