Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

LIFESTYLE

  • Millennials would rather buy a car than travel the world
  • For baby boomers, a new car is the third highest spending priority, after seeing their favourite bands and visiting Europe

Younger generations are now more likely to prioritise buying a new car than travelling the world, new research has revealed¹.

The research, conducted by short term loan provider Wonga, asked 18-34 yearolds and baby boomers (55+) to rank a series of key life experiences to determine the differences between generations.

More than one in five (21%) millennials said that buying a new car is the top experience everyone should have at least once in a lifetime, beating other typical bucket list items, such as seeing their favourite bands (11%) and taking gap years (3%).

The appeal of buying a new vehicle appears to transcend age categories, as nearly one in six (16%) of the baby boomer generation also listed the experience as the most important thing people should do in life. When asked to rank 13 different experiences, over 55s gave buying a new car the third highest average position, beaten only by visits to Europe and seeing their favourite bands.

Despite more millennials saying that buying a new car is the number one life experience, it is the over 55s who are more likely to make such a purchase within the next year. When asked what they expected to buy over the next 12 months, 7% of the baby boomer generation said a new car, compared to 6% of 18-34s[1].

 The most important experiences for 18-34 yearolds and baby boomers are:

18-34s Baby boomers (over 55s)
1.   Buying a brand new car 1.      Visiting Europe for a long weekend
2.  Seeing your favourite band live 2.  Seeing your favourite band live
3.  Going to university and living away from home 3.  Buying a brand new car
4.  Visiting Europe for a long weekend 4.  Going to university and living away from home
5.  Adrenaline-seeking activities: e.g. skydiving, climbing a mountain etc. 5.  Seeing iconic landmarks in the world
6.  Going to a festival 6.  Going to a festival
7.   Taking a gap year 7.   Owning a pet
8.  Owning a pet 8.  Adrenaline-seeking activities: e.g. skydiving, climbing a mountain etc.
9.  Renovating a house 9.  Taking a gap year
10. Seeing iconic landmarks in the world 10. Renovating a house

James McMaster, Head of Marketing in the UK at Wonga, said: “After looking into which life experiences generations value the most, we were surprised to find that buying a car tops the list for millennials. Though differences between the two generations are widely documented, the two groups share a love of live music as both rank seeing their favourite band in second place.”

To read more about how the older generation look after their money, visit Wonga’s Cash Smart hub:

https://www.wonga.com/cashsmart/articles/image-articles/saving-tips-from-the-older-generation/

Continue Reading

Recent Posts