Gen Y Living it Up.

[McBrain]

From todays The Age (Melbourne)

Appel says youth consumption is focused around what he dubs the "five lifestyle pillars:" entertainment ($151 per week), fashion ($55 p/w), sport ($25 p/w), travel ($24 p/w) and music ($11 p/w).

While overall spending across the five areas remained strong in 2008, Appel says Gen Y tastes have changed in the last 12 months.

Travel expenditure almost halved since last year's survey, music outlay continued to fall on the back of illegal downloading and the typically female domain of fashion received a financial injection from men.

What the 2008 Urban Market Report's 3,291 surveyed 16 to 30-year-olds are not spending on is mortgages. Only 13 per cent of those polled were first home owners.

http://www.theage.com.au/news/relationships/gen-y-living-the-high-life/2008/06/26/1214073410798.html

 

[MichaelW]

What the 2008 Urban Market Report's 3,291 surveyed 16 to 30-year-olds are not spending on is mortgages. Only 13 per cent of those polled were first home owners.

Hi McBrain,

Just wait until their rents double, then they might decide its time to "grow up"...

Cheers,
Michael.

 

[devo76]

My average weekend about 5 years ago.

Leave work on friday and meet mates at the pub.$50 bucks minimum on beer plus about $100 on the pokies.Then go to dinner and buy more food than anyone could eat.Plus more beer.Taxi home

Sat
Down to the shops for breaky with my girlfriend. Whip over to the tackle shop and buy about $200 worth of fishing gear. Also spend some cash on stereo gear for my car.Then a road trip to sydnet to go clubbing on sat night.5 different clubs with $10 to $20 dollar cover charges.Drinks range from $5 to $15 each. Plus taxi costs dinner etc. This adds up to around $350

Sunday
Drive back home $30 bucks in petrol. Girlfriend wants to spend quality time together which means.GO SHOPPING.$200 or so there then back home. To tired to cook so we order take away.

That was a average weekend for me over a few years. It was often a lot more expensive but rarely cheaper. But you know what. I have no regrets. I had a ball. Even my own Dad who is smart and well set up said you only live once . Enjoy yourself then settle down.

But i have changed now and im planning for the future. I have had the best of both worlds.So go easy on the y generation(I am actually a X).Its there choice and most have lived more in a year than many have there whole life time.Yes you may be richer than them at retirement but that the majority of your life is gone by then.I believe life is about balance.Plan for the future but live for today.

 

[want2bewealthy]

It comes as no suprise to me
Theres a fine line when it comes to the 'finer' things in life, that should be well balanced, as in anything in life.
It all comes down to what you want out of your existance I guess.

 

[boomtown]

Yes.

And it begs the question - why are we investing at all? Many of us could lead quite comfortable lives on our salaries + super into retirement. If I was to work until 65 my super would be pretty big.

Im doing it so I can be extravagant later in life - same goal just different timing .

 

[s_t]

Hi McBrain,

Just wait until their rents double, then they might decide its time to "grow up"...

Cheers,
Michael.

As long as it does stay a 'free market'! If they along with the media and other do-gooders manage to push changes that thwart the free market (eg. rent caps or something) then they might delay "growing up" by quite some time!

 

[asdf]

Im doing it so I can be extravagant later in life - same goal just different timing .

Interesting concept isn't it? But when do we stop and start to enjoy life before we get too old and decripit or god forbit, leave this planet without having spent a single cent of our hard earned equity? If we live in Tokyo, London, Manhattan or even Sydney to a certain extent you need x amount, if you go to Brissy its say 1/2x, live on the Sunshine Coast its 1/3x, out in the hills or small coastal towns its 1/4x, move overseas and you can live comfortably from as low as 1/10x. Where do you draw the line? Food for thought....

 

[npb555]

Gen Y have every right to live the life they choose and suffer any consequences down the track. I think my generation (Xer) begrudges 2 things - 1. When we left school/Uni, the job market stank and paid lousy if you were lucky enough to get one and 2. Our aim was to escape our parents asap and enjoy true 'freedom' even with our lousy pay packets, whereas some of today's kids have that same freedom at home through changes to attitudes in society, but take no responsibility for paying their way and sadly kippering their parents in the process.

I realise that is a generalistion (I have 1 child over 18 who left at 18 and another who will have to be tyre levered out of the house so I see all sides), but I can't think of why else Gen Y cops a serve for such harmless hedonistic pursuit of life.

 

[devo76]

Here is a example of a guy at work who was raised to save save save and think about retirement. He is 30

Never fished before
Never been to a club before
Never partied with friends. Has no friends.
never ridden a motorbike
Never been camping
Never bought a CD
Never bought a dvd. Yet he watches mine
Never been to a concert
Never been on a holiday
Never surfed
Never had a nice car
Never had a girlfriend
Never had a r##t
Etc etc etc

My point is there are to extremes of living.I believe the best way to live is in the middle. If i had this guys life I WOULD SHOOT MYSELF.
He will retire quite comfortably. Not rich because he refuses to borrow to invest and bought his PPOR in a crap area because it was cheap ie low capital gains.

Enjoy your life people. You only get one go at it

 

[npb555]

Never had a r##t

rant?
rest?

 

[evand]

you're joking right?

rant?
rest?

 

[devo76]

rant?
rest?

Like i said he has never been camping or fishing so he has never had a RAFT before. What did you think i meant. I was about 15 when i had my first raft. It was a lot of fun although i wasnt playing for long. I have upgraded my raft over the years. The raft im using now is the best iv ever had. i had a few rafts going at once when i was younger but thats more trouble than its worth. Stick to one raft believe me.

 

[npb555]

you're joking right?

Of f##king course!

 

[Jodie701]

How long does that title "First home buyer" last for? A year or two, or until you sell and buy again, or until you own a 2nd property (ie invest)?

 

[steveadl]

How long does that title "First home buyer" last for? A year or two, or until you sell and buy again, or until you own a 2nd property (ie invest)?

In my opinion - while you're looking for that first one and up to about 5mins after you've bought it at which point you turn into a home owner/investor.

 

[steveadl]

rant?
rest?

well I'm glad to say I've never engaged in a 'riot' either!

 

[buzzlightyear]

How long does that title "First home buyer" last for? A year or two, or until you sell and buy again, or until you own a 2nd property (ie invest)?

Each time I have bought, it felt like the first time

 

[geoffw]

Never had a r##t

And none of you property investors is even close to the right word.

Rent.

 

[ianvestor]

music outlay continued to fall on the back of illegal downloading

Never bought a CD
Never bought a dvd.

This will be the norm very soon. I haven't actually bought a CD in over 10 years, and probably never will again. I very rarely buy DVDs either (never the $30 new release that's for sure).

 

[devo76]

This will be the norm very soon. I haven't actually bought a CD in over 10 years, and probably never will again. I very rarely buy DVDs either (never the $30 new release that's for sure).

All mine are legit i promise. It does annoy me when these tight arses save money at your expense. This bloke at work is the first to grab the paper or magazine but has never bought one in over 4 years.First hand up if someone is giving something away but never offers anything. Saving money came become a disease to some people. They lose site of what there aim is. To improve you standard of living. This guy at work will live a crap life through his tightness.