Buying a house. That’s priority number one for the bulk of young, single people under the age of 30.
A survey by Houseful, which is owned by RBC Royal Bank, found that younger people are showing a bit more financial savvy than those over the age of 30 when it comes to long-term wealth accumulation.
Seven in ten under 30 years of age say saving to buy a house is their number one objective. For those who have passed the age of 30, that number falls to under 50 per cent.
These young people ranked saving for a house ahead of getting married, traveling or buying a car.
Even though 70 per cent of the group feel home ownership may be unattainable, especially in the high-priced cities, they remain undeterred in their mission to buy a house before locking into other major life time decisions.
Three-quarters of those surveyed said they are saving “with a purpose” by setting aside money every month for their first home with some saving as much as a quarter of their income by foregoing dining out or shopping.
