Young People Prefer a Mortgage Over Marriage

 

The pandemic has put a number of things on pause over the past couple of years----and one of those things seems to be marriage. According to a recent survey, on behalf of Coldwell Banker, more young people say they are committed "to have and to hold" a mortgage rather than to take a trip down the aisle "for better or for worse." As a matter of fact, 82 percent of unmarried Americans would rather invest in a home than pay for a big expensive wedding.

85 percent of unmarried females say they would rather invest in a home than spend money on a big, fancy, expensive engagement ring.

77 percent of the respondents say they prefer to pay a mortgage than spend money on a luxurious vacation.

 45 percent of Millennials and Generation Z say owning a home is an important financial goal for them compared to 30 percent of people 55 years and older. 

47 percent of the respondents say they choose homeownership over renting.

 44 percent of college graduates say owing a home is a more important financial goal than paying off student debt. 

  In 2021, there were an estimated 1.9 million weddings. The average wedding cost $25, 764. Meanwhile, the number of new homeowners increased by more than two million. So for better or for worse, to have and to hold....it looks like mortgages are winning out over engagement rings. 

This survey was conducted online within the United States by The Harris Poll on behalf of Coldwell Banker from October 21 - 25, 2021 among 2,027 adults ages 18 and older. 

COVID and Thanksgiving

I just came across another survey that, once again, shows the differences between baby boomers and millennials.  In the midst of a pandemic, Lending Tree conducted a survey to find out how much money people, who are planning to host a Thanksgiving dinner, will spend on all the fixins'. Based on the responses, millennials plan to outspend baby boomers by a 3 to 1 margin.

Here were some of the key findings:

On average, Americans will spend around $475 to host Thanksgiving, which is up more than 50 percent from 2019.  Those who are hosting say the additional expenses are being used to make up for holidays that weren't celebrated earlier in the year due to Corona. Millennials expect to spend $556.46 while baby boomers say they will be spending less than $175.  So when you go to your daughter or son's house for Turkey Day this year expect a Happy Thanksgiving, Valentines, Memorial Day, July4th, Birthday celebration! 

41 percent of Americans plan to host Thanksgiving this year, up from 33 percent last year (when there was NO pandemic). 

Hosts say they will spend roughly 8.5 hours preparing for the holiday feast and someone will take off from work to prepare.  (Why, when we're all working from home anyway?)

42 percent of the hosts surveyed say the worry about heated debates that could  break out at the dinner table. (Perhaps everyone should be required to leave any perceived weapons at home because Donald Trump's name is sure to come up!) 

22 percent are nervous about discussing politics.  Only 22 percent? (Having a woman of color as the second in charge of the U.S. should generate some lively discussion or to discover how many family members truly believe the election was stolen from the bully baby in the White House).

15 percent are concerned their guests will argue about the pandemic.  Again, only 15 percent?  My question for the survey would've been: "Will you be requiring ALL guests wear a mask?"

10 percent say they are concerned about "family drama." 

38 percent of the hosts surveyed say they plan to borrow money to cover Thanksgiving costs, including charging a credit card or taking out a holiday loan. (Perhaps Lending Tree will drum up some more business since they do give out personal loans) 

32 percent say they will use coupons and shop around for the best deals.  Or perhaps they can check out the Food Bank in their community and get a free Thanksgiving food basket. 

A New Survey Says Millennials Blame Baby Boomers for Their Troubles and They Should

OK--I've got a new survey to report to you---this one courtesy of Axios and Survey Monkey.

Millennials say baby boomers are to blame for ruining their lives and guess what?  I happen to agree with them despite the fact that I am a member of the baby boomer generation.  

Fifty-one percent of millennials say boomers have made things worst for their generation.  Not only are they in debt from student loans but they also inherited two wars and they face an uncertain job future with speculation that artificial intelligence may replace some jobs they would vie for in their future.  

Baby boomers, on the other hand, don't appear to be trying to leave the job market anytime soon unless they're FORCED out so with retirement age being as late as age 70, boomers can still be collecting a nice paycheck right up until the end.  

No doubt about it, the boomer generation has been a greedy generation.  They have controlled Congress and and been the CEO's of the major corporations in America.  According to Linette Lopez, a millennial, "The baby boomers who have controlled this country since the 1980's are selfish, entitled generation.  Instead of spending money on education our government has repeatedly chosen to cut taxes for the wealthy."  

And if that's not enough, a survey of millionaire baby boomers (of which I was NOT included), more than 50 percent said they had no plans to leave an inheritance to their children. One woman was quoted as saying she had made a lot of sacrifices for her children over the years, including paying her daughter's medical tuition.  According to this survey, conducted by U.S. Trust, some wealthy boomers worry that their kids will squander their inheritance money or develop a sense of entitlement.  

Ha! 

Millennials did offer some suggestions on how to improve things for their future.  One being to remove all old government officials and set term limits for the House and Senate representatives (I LOVE that idea!).  

A number of them said IMPEACH TRUMP and then make sure you get out and vote. 

To learn more about the Bay Boomer/Millennial Divide, you can get a copy of my book on Amazon.  I wrote this BEFORE this survey came out.

Axios/SurveyMonkey online poll was conducted April 9-13 among 4,638 adults in the United States. The modeled error estimate is 2 percentage points. Data have been weighted for age, race, sex, education, and geography using the Census Bureau’s American Community Survey to reflect the demographic composition of the United States age 18 and over.