Australia top for 20-somethings
12 February 2016 by News DeskAustralia is the No 1 destination for the ‘Millennial’ generation who’d rather enjoy an ‘experience’ than save for the future.
Today’s ‘20-somethings’ prefer to spend their money on a holiday than invest in a pension. And increasing numbers of young people are turning to Australia as the place to enjoy ‘the experience of a lifetime’.
“Nowadays it’s impossible to save for a house so I might as well spend my money travelling the world. You only live once,” is a view shared by many 20-somethings.
“We have seen a big rise in the number of 20 – 35yr-olds who want to visit, explore and experience the many wonders of Australia,” says Darrell Todd, CEO of thinkingaustralia.
“Our clients believe there is more to life than work and simply paying the bills. They want an experience that will live forever – and Australia delivers every time.”
Young people have always lived for the moment and today’s 20-somethings are no different.
A recent survey revealed that 78 per cent would rather enjoy an ‘experience’ than buy something physical they could own. A Facebook study found that over 85 per cent are trying to save in order to afford a foreign holiday.
Millennials are people aged between 18 and 35. They are the largest segment of the workforce in Europe and the US, according to Pew Research Centre.
A typical ‘20-something’ has an income of £2,500 a month before tax and spends £640 a month on rent and bills, £170 on travel and makes a student loan repayment of £100 a month. Total student debt is around £15,000.
They pay £125 a month into a pension scheme run by their employer who pays in a further £250. Other significant outgoings include eating out, holidays and gym membership. They have no savings but would like to buy a house to reduce the rent bill.
