Why Young Adults Are Travelling More, And Buying Things (Like Houses) Less

backpackersguidetoearth:

With fewer job opportunities available, a shrinking median income, the forever rising housing prices, and changing social norms, many young adults are now opting for a nomadic lifestyle over a stationary one, choosing to travel and see more of the world rather than tying themselves down to one place.

Travel is no longer simply a phase that some young adults may pass through during their early 20’s before deciding on a career and signing up for a mortgage and car lease after they have seen some of the world, it is becoming a lifestyle. A lifestyle that can easily carry on far into a person’s 20’s, 30’s, and beyond. It is a way of living that moves away from how the earlier generations thought, and questions how much of a person’s life needs to be lived in one place.

A big component of this shift in thinking is due to the fact that young adults have the highest unemployment rates of any working-age cohort, with many more reporting being underemployed. According to a CBC news article in 2013, nearly 15% of those between the ages of 15-24 are unemployed, twice the national average. That same article then goes on to explain how, “Based on data from Statistics Canada, one in four millennials with a university degree is employed full-time in a job that doesn’t require that level of education.”

It can be incredibly hard for a young person to find any job these days, let alone one that has the potential to turn into a meaningful career. Long gone are the days of benefits and pensions accompanying every full-time job, young people, it seems, are simply happy to find any full-time job. As CBC explains, “Nearly half of young people in Canada are now employed in retail, food service or clerical work, which doesn’t offer a lot of opportunity to save for retirement or put a down payment on a home after student loans.”

Which leads to the next point. With such limited resources, what should a young person be doing with their money?

Read the rest of the article here ——>