Calling millennials financially irresponsible is the flavour of the month.
It’s almost as if critics are choosing to ignore how stagnant wages aren’t keeping up with the rate of inflation, or that the price of a first time home is at its highest ever, with the average price of a house in London alone costing £580,000.
And in a time of financial instability and a thriving gig economy, it’s no wonder adults in the 25-34 age bracket are staying in dying relationships in order to make a mortgage deposit.
According to a new report, a staggering 1.8 million adults have stayed in a relationship in order to get on the property ladder.
On an even more depressing note, 1 in 10 adults said they would stay in an unhappy relationship in order to buy a house.
And the experts who ran the study said that the problem is only going to get worse in the current climate.
"It’s so important to think clearly when it comes to such a large financial leap, especially if you’re planning on staying in a relationship just to be able to afford a mortgage or deposit," said David Hollingworth from L&C Mortgages.
"Initially putting your feelings aside solves the problem of being able to get onto the housing ladder, but once the deposit has been paid and the mortgage agreed you may face issues down the line,” he added.
For those who find themselves in a sticky situation, it’s a good idea to ensure that lines are drawn when the contract is made, and that it is clear who owns what in the house.
And renters are advised to put a little bit away each month in order to be a step closer towards their goal of finally owning a home.
In the meantime, we can encourage the government to build more affordable homes, as well as challenge our rental rights and the disparity of fairly priced housing in London as opposed to the rest of the country.
Photos: Rex Features and iStock
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