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Young people spend housing deposit on holiday

With the housing market once again looking like it’s booming, young people who had been saving for a deposit are increasingly finding it difficult if not impossible to get on the housing ladder. That means that many of them are left with savings that would have been for a deposit, just sitting in accounts.

However, a number of them are deciding to put the money to good use by spending it on a holiday. Rather than planning for the future, they are deciding to live in the moment.

60% of those asked by lastminute.com said they could justify the jet-setting because the cost of a holiday was significantly cheaper than getting a deposit on a house. Spending it on something they can actually enjoy just seems that little bit too tempting.

Many of those asked said that the difficulty of getting on the housing ladder meant that they were enjoying a summer holiday instead. A further 49% said that the holiday itself was a means of forgetting about the pressures of work and getting on the housing ladder.

Dr. Thomas Chamorro-Premuzic, professor of business psychology at UCL said: “We’ve seen mind-sets in Britain become even more hedonistic, especially among young people. This reflects the extent of pressure many young people now face – both immediate job worries and long-term concerns over owning a home. The motivation to save for a property has also clearly been affected by the level of savings required. Psychologically, it is much easier to make the first step if the task in hand seems manageable.”

He added: “Holidays are a great antidote to daily stress and routine but budgets should be balanced so long-term goals can be achieved as well as short-term fun.”

As he says, don’t sacrifice all your long term plans. Always remember that if you’re going away, travel insurance is a necessity and might just save your long-term fortunes.

Date Created: 27 August 2013

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