However, millennial people don’t share that opinion anymore. Nowadays, experiences weigh more than possessions or properties. They rarely invest on houses, even less on cars. Intriguing? Here’s some explanation why.
1. They Have Other Values
This would have to be the main reason for this. What seems important for older generations during their time is no longer as valuable today. Not only that financial difficulty affects their priorities, making them scared to make serious loans, they also prefer flexible schedules and financial and geographical independence. They value the idea of living in the moment and relishing every moment of it than working and preparing for the future.
2. They’re No Longer Interested In Huge Investments
According to statistics, modern young people change jobs every three years on average. So, this makes them less likely to invest in huge and long term things like car or house. Aside from that, huge ventures makes a person feel tied up which hinders the flexibility on money, jobs, and locations that they like.
3. Owning Something No Longer Appeals To Them As Much As Enjoying Life
Millennial find themselves more happy spending money on experiences like travelling and trying new activities than collecting material things. Just look at how much post different social media platforms have about new country or city visited, new hangout spot with friends, new hobby, new workout routine, etc. Young people these days will rather experience everything life has to offer than be stuck at the same wake up-work-go home-eat-sleep-repeat route.
4. Experiences Help Make More Friends
This is why social media is such a huge part of their daily lives. Younger generations like to feel connected or involved with more people and more activities. The more friends they have and the more events they’re busy with the more fun life is for them which also equate success to them.
5. Buying Things Can Be Worrisome
Purchasing expensive things like house and car makes people worried about maintaining their condition. For them this means spending money on car repair if it malfunctions or even gets scratched, not to mention the fear of being robbed or carjacked will always be at the back of their minds.
6. Every Purchase’s Price Tend Drop Overtime
It may not be necessarily true all the time but it happens. Not all house or car turns out to be worth as much when reselling them. Watching their parents work their entire lives to invest in such material things and not being able to enjoy life don’t help either. So for them what is the point of spending money, time, and energy on those if there’s a better option?
