Gen Z could get onto the property ladder if only they gave up their expensive coffee habits.
Gen Z could get onto the property ladder if only they gave up their expensive coffee habits. Whilst this might be the perception of many older commentators in today’s society - it’s not true, of course, and we can prove it.
According to our users’ data, they spend on average just £8.10 per month on coffee - with a large portion of them being Gen Z & millennials. This figure - coupled with average deposits needed for a UK property purchase reaching £62,664 - means young Brits would have to give up coffee shops for 644 years to claw back this sum. With life expectancy at just 79 years - taking eight lifetimes to make it happen is a no from us.
The data’s even more startling when you look at the city breakdown across London, Cambridge and Oxford - where you would have to give up coffee for 1,276, 1,149, and 1,119 years respectively to buy a house.
Frankly, the Friday frappuccino isn’t the problem. Property prices are outpacing salaries, and savers need to take drastic measures to effectively achieve their financial goals. This involves adopting a new mindset - one that seizes the opportunity to save (if only a little) on most purchases, whenever they can.
The good news - this change doesn’t involve axing spend entirely. Consumers should still feel empowered to enjoy their takeaway drinks, book that holiday they’ve aspired to go on, and ultimately shop where they want to. But changing the way you spend holds the keys to financial freedom. Adopting the right mindset is no one-trick pony, and the notion that young people need to change a single habit like this to achieve their goals is where the conversation around financial wellbeing completely misses the mark.
Cheddar’s goal is to truly empower young people to improve their spending efficiency. Our money simply isn’t going as far as it did last year - or even last month - and we must look to provide consumers the support they need to improve their finances.
Join the UK’s fastest-growing rewards app and begin saving hundreds each year, with up to 35% cashback at 150+ retailers - including leading high-street coffee brands Starbucks, Costa and Caffè Nero ☕
