#DebutTalk Live Twitter Chat Recap Millennials and Money - Debut

#DebutTalk Live Twitter Chat Recap Millennials and Money - Debut Often, millennials are labelled entitled, yet were the generation least likely to own a house of our own.  The National Housing Federation has stated that youd need an income of almost £130,000 a year to afford a mortgage on the average home. With the mean salary in London hovering steadily at £34,000 a year, this, err, doesnt bode well.Which brings us on to the topic of our last #DebutTalk: Millennials and Money. Talking about money isnt just about discussing the best money management tips. Our #DebutTalk participants dived deep this week, talking about their money insecurities, challenges, and what they think the future of finance will look like. Lets take a look at the best insights: Q1. What is the biggest money challenge for millennials? A1. Finding affordable accommodation that is both livable and within 40 miles of anything #DebutTalk â€" Matt Thomas (@MattfromDebut) February 9, 2017 A1. I have no idea when Ill be able to afford a house *ever*. And Im bleeding money in rent. Its massively overwhelming #DebutTalk â€" Brenda Wong (@brendaisarebel) February 9, 2017 @DebutCareers A1. High rents, especially in London; salaries haven’t grown enough to keep up, except in a small number of sectors #DebutTalk â€" Zaki Dogliani (@ZakiDogliani) February 9, 2017 A1: For me it was having the pressure of becoming completely independent asap. Stop asking parents! #DebutTalk https://t.co/fKWUhmgQjO â€" Cristina Astorri (@Ascrissy) February 9, 2017 A1. Using your income to pay rent and bills and then having your disposable stack looking slim like Shady. No room for enjoyment. #DebutTalk https://t.co/tmXJCJH0mV â€" Alex Ekong (@andthenalexsaid) February 9, 2017 Q2. Would you rather spend money on experiences or things? A2. Ive lived a nomadic life, so Id much rather spend money on experiences. Apparently this is a millennial thing #DebutTalk https://t.co/73YF4LZNeN â€" Brenda Wong (@brendaisarebel) February 9, 2017 A2: I would definitely rather spend money on experiences. For example I save up quite a bit for travelling #DebutTalk #wanderlust https://t.co/IDffIffwAo â€" April Roach (@aprilroach28) February 9, 2017 A2: I mean. If I could afford diamonds I could be tempted. But with a package holiday being cheaper Ill take that! #DebutTalk ??? https://t.co/Z9wi8otLcm â€" Monique Perks (@MoniquePerks) February 9, 2017 A2. My lifetime spend on gig + festival tickets says experiences. Imagine having bare stuff but nothing to tell your grandkids. #DebutTalk https://t.co/vWctL5TExv â€" Alex Ekong (@andthenalexsaid) February 9, 2017 A2: definitely experiences! But bcs of deadlines me always trying to catch up with work aka no time, I end up getting things #DebutTalk https://t.co/e8lRppfbdu â€" Sorfina Shamsudin (@SorfinaMusic) February 9, 2017 Q3. Have you ever used alternative banks like Monzo, Loot or Atom Bank? A3: Sadly no. But thats because I had it set up for me when I was younger by my parents and have never changed! #DebutTalk https://t.co/Tu2CcH0Kbe â€" Monique Perks (@MoniquePerks) February 9, 2017 A3. No, but they sound very intuitive and cool. Only a matter of time before big banks develop to catch up. #DebutTalk https://t.co/YSneezcFNQ â€" Alex Ekong (@andthenalexsaid) February 9, 2017 listen. LISTEN!!! Let me tell you about the Gospel of @monzo #DebutTalk https://t.co/lRxm5kCli4 â€" Ben Donkor ?? (@FR314) February 9, 2017 I tried so many virtual banks before to (1) budget money, (2) consolidate finances, and (3) be part of my quantified self project #DebutTalk â€" Ben Donkor ?? (@FR314) February 9, 2017 Just when I lost hope, @monzo comes through. Did I have to wait ages while it was in closed beta? Yes, but it was worth the wait #DebutTalk â€" Ben Donkor ?? (@FR314) February 9, 2017 Now Im at a point where instead of wasting of money like I used to Im investing it. And *this* is the Gospel of @monzo. #DebutTalk pic.twitter.com/RdOInqemNN â€" Ben Donkor ?? (@FR314) February 9, 2017 (now, do I still overspend on @Dominos_UK ? sure, but thats besides the point. @monzo WILL CHANGE YOUR LIFE . ) #DebutTalk â€" Ben Donkor ?? (@FR314) February 9, 2017 Q4. How clued up do you feel you are about your finances? Did you get enough information at school/university? A4. Went to a private, posh school. My goodness, NO ONE knew anything about the value of money. We werent really taught either #DebutTalk https://t.co/OYiTmbGeRU â€" Brenda Wong (@brendaisarebel) February 9, 2017 @DebutCareers A4. Probably not. E.g. I can’t remember learning about tax returns, which it took me ages to fill out last month. #DebutTalk â€" Zaki Dogliani (@ZakiDogliani) February 9, 2017 A4: No information whatsoever was given to us at uni. It was a given that parents had to pay for most of it. #DebutTalk https://t.co/iMgDzfO1Jz â€" Cristina Astorri (@Ascrissy) February 9, 2017 A4: not as much as Id like/expect to be! Things like taxes, interest rates investment are words I only ever heard from family #DebutTalk https://t.co/71KvyMecqy â€" Sorfina Shamsudin (@SorfinaMusic) February 9, 2017 A4. Things beyond general personal finance is murky. My school didnt teach it and I frequently google terms/tips #DebutTalk https://t.co/CTCTSvUQxM â€" Fumi (@FumiETC) February 9, 2017 Q4: very little education about it. Most underestimated personal finance fact? Get a pension as soon as possible! @DebutCareers #debuttalk â€" Michele Trusolino (@MrTruso) February 9, 2017 Q5. Does the state of your finances ever affect your mental health or relationships with other people?   A5: I do worry about money a fair bit. About the future. But I dont think it puts strain on my relationships. #DebutTalk https://t.co/BRc6WdsdWW â€" Monique Perks (@MoniquePerks) February 9, 2017 A5: Sometimes, anxiety creeps in, as my future plans might be in danger: Ive some money saved, but #DebutTalk pic.twitter.com/NWL5VA22Db â€" @AndreaTorti90 (@andreatorti90) February 9, 2017 A5: unfortunately often people associate their personal value with their net worth. So no money= no value. WRONG! #debuttalk @DebutCareers https://t.co/Tnt4c3CNN0 â€" Michele Trusolino (@MrTruso) February 9, 2017 A5. No but I think good management and not ignoring/putting off is key, you feel more in control and can then forget about it #DebutTalk â€" Matt Thomas (@MattfromDebut) February 9, 2017 A5a: like how socialising = food it can also mean sacrificing your groceries meals for 3 days for that 1 fancy birthday meal #DebutTalk https://t.co/L3TmUzjgS0 â€" Sorfina Shamsudin (@SorfinaMusic) February 9, 2017 A5b: I used to avoid social gatherings bcs I didnt know how to balance my daily life w/ the occasional splurge it made me sad #DebutTalk https://t.co/L3TmUzjgS0 â€" Sorfina Shamsudin (@SorfinaMusic) February 9, 2017 Q6. What is the best piece of money management advice youve ever heard?   @DebutCareers A6. Beware plastic. Cards make it easy to lose track of how much you spend a week, especially contactless. Use cash #DebutTalk â€" Zaki Dogliani (@ZakiDogliani) February 9, 2017 A6. Keep a log, as best as you can. And dont ever avoid looking at your bank balance. #DebutTalk https://t.co/Blth535CXy â€" Brenda Wong (@brendaisarebel) February 9, 2017 A6: Budget! Track your savings. I check my bank account a lot, so it’s a never a surprise to me if Ive over or under spent. #DebutTalk https://t.co/RKdcrGKrkj â€" April Roach (@aprilroach28) February 9, 2017 A6. Dont spend money on something unless you can afford to buy it three times. Saved a fair amount with that little gem. #DebutTalk https://t.co/1KVNMCYt5W â€" Alex Ekong (@andthenalexsaid) February 9, 2017 The next #DebutTalk is on Company Culture, and will be guest-hosted by FDM Group. See you there! Announcing our #DebutTalk host for this week, @FDMGroup! A company that champions great company culture. https://t.co/AqTyJ7vMjQ pic.twitter.com/dYfg4NyzNq â€" Debut (@DebutCareers) February 14, 2017 Download the Debut app and get Talent-Spotted by amazing graduate employers! Connect with Debut on Facebook and Twitter