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Millennials Struggling to Make Ends Meet, Some Forced to Sell Clothes to Eat

© Photo : PixabayYoung woman
Young woman - Sputnik International
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New figures show people born after 1983, also known as millennials, are more likely to have borrowed money from friends and family or sold their possessions in order to pay their bills.

Demonstrators take part in a protest aimed at showing London's solidarity with the European Union following the recent EU referendum, in Trafalgar Square, central London, Britain June 28, 2016. - Sputnik International
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The survey, conducted by an international broker Norton Finance, revealed that over a third of 18-34 years old have been forced to go without food and heating as salaries have failed to increase, yet the cost of living has. 

Paul Stringer, managing director of Norton Finance has said that this research gives a glimpse into how millennials are living and the reasons why.

"With this piece of research we wanted to take a snapshot of British finances, looking at how each generation is handling their money," Paul Stringer, said in a recent interview.

"It struck us that the younger generation is having a tough time at the moment, something that's evidenced in headlines on a regular basis," Mr. Stringer added.

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The problem is not just about young adults not being able to afford certain things, at least 40 percent of those questioned in the survey admitted to spending beyond their means. 

The average British salary showed a minimal 0.3 percent increase in January, but most regional incomes have fallen significantly over 2016. London in particular, saw a decline of more than 4 percent, with job vacancies exceeding 244,000.

Rising costs have caused many millennials to live on the breadline and meant they find it hard to make ends meet. The average cost of renting a one-bedroom home in the UK amounts to US$977 a month.

Some experts believe that these prices will only increase, especially after Britain leaves the EU. Also the drop in the value of the pound and the rise in inflation has not helped matters.

The chances of millennials buying their own home and getting rid of credit is an impossible task. 

"We're seeing a drop in home ownership in those aged between 25 and 34 and many members of this generation are coming out of university with a large amount of student loan debt," Stringer added.

Retirement is also a luxury, with one in 10 young people believing it will be unlikely that they will ever retire.

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