Millennials would rather buy a car than travel the world

Published On : 03/20/2018

• Half of baby boomers wish they’d have travelled the world when they were younger
• Buying a brand new car is the most important experience for millennials

Millennials are prioritising new cars and seeing bands over travelling the world, new research has revealed.

The research, conducted by short term loan provider Wonga, asked millennials (18 to 34 year olds) and baby boomers (55+) to rank a series of key life milestones and experiences to determine the differences between generations. They also asked older generations which milestones they wish they had prioritised, to understand how spending priorities have changed over time.

Millennials may be stereotyped in the media for a love of avocado on toast that leaves them unable to get onto the property ladder, but the research revealed that saving for the deposit on a house is actually the most important milestone for 18 to 34 year olds to achieve. Saving for a house deposit is also the most important life milestone for over 55s.

The research also looked at which specific experiences people value most. Travelling is the experience baby boomers consider most important – visiting Europe for a long weekend topped the poll and seeing iconic landmarks across the world completed the top five.

In contrast, visiting the world’s most iconic landmarks only just made the top ten of the experiences millennials value most. Often defined as the ‘gap year generation’, 18 to 34 year olds rank a long weekend in Europe fourth and taking a gap year seventh as the most important life experiences.

Buying a brand new car is seen as the most important experience by millennials, followed by seeing their favourite band live and living away from home. When asked which experiences they wish they’d had when they were younger, only 8% of the over 55s chose buying a brand new car, but half wish they had travelled the world.

When asked about their main priority in life, it is unsurprising that both millennials (52%) and baby boomers (56%) say that being happy is top of their list. However, 14% of 18 to 34 year olds see having a good job as their main priority, compared to less than 2% of the over 55s. Being surrounded by friends and family is the top priority for over a quarter (27%) of baby boomers, but just under one in ten (9%) millennials.

The most important experiences for millennials and baby boomers are:

James McMaster, Head of Marketing in the UK at Wonga, said: “It is really interesting to see which experiences each generation values the most, and the differences between millennials and baby boomers. With the differences between the two generations widely documented in the media, it’s particularly interesting how the older generation prioritises travel experiences and even wished they had travelled more.”

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/

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.