If you believe what you read, the financial outlook doesn’t look good for millennials thanks to low wage growth and other trying global economic factors. They more be more tuned in than you think though, and millennials could potentially grow their savings in the short term by making the right moves in the property investment market.
“Not fair,” we hear you cry; on a daily basis, articles appear in the press highlighting how many millennials are finding it close to impossible to get on the property ladder, with some claiming that they would rather invest in experiences such as travel because of the perceived hopelessness of the situation.
That’s not what we really mean when we mention property. Property investment tips, especially for younger markets, aren’t necessarily linked to personally purchasing a house. Putting some of their savings toward property bonds could be the best way for millennials to grow their savings in terms as short as two years depending on the options they pick.
Property investment tips for younger generations
We also feel that millennials get something of a bum rap from the press, especially when it comes to financial competence. They’re more switched-on than you may think with their money; recent research by peer-to-peer lender Archover actually suggests that millennials are saving and investing more than Generation X and Baby Boomers.
35% of millennials regularly save or invest an average of £250 a month when compared against 26% of Gen-Xers and 25% of baby boomers, they say. 67% of millennials also primarily saw themselves as savers.
Property investment is still attractive for millennials, and technological advances such as specific financial apps and crowdfunding platforms are helping them to discover new opportunities. They offer the same risks as any investment opportunity though, away from the impressive ability to connect and invest in a short amount of time, and it’s always wise to thoroughly research a proposition before making any serious commitments.
For millennials and younger savers interested in the opportunities a property investment can provide could potentially grow their savings more rapidly through a short-term fixed interest bond, for instance, if they choose the right options for them and their needs.
Why millennials should consider a property investment
It’s essential that as well as considering all options available to them in regard property investments, millennials also seek out guidance from a consultative service with experience in the field when they wish to grow their savings.
Bonds, for instance, can navigate issues and concerns surrounding stamp duty rates, problem tenants, investing in housing maintenance and much more besides while allowing investors to be part of the UK’s favourite investment opportunity.
For millennials who would like to consider a faster rate of growth for instance, there are fixed interest return opportunities available that are two years long and pay interest every six months, with fixed annual returns of 10% on offer from some opportunities. With the right guidance and consultation, millennials could enter the market without actually purchasing a property.
