Millennials value buying new cars

Millennials are prioritising new cars and seeing bands over travelling the world, new research has revealed.

The research, conducted by short term loan provider Wonga, asked millennials (18 to 34 year olds) and baby boomers (55+) to rank a series of key life milestones and experiences to determine the differences between generations.

Wonga’s research also looked at which specific experiences people value most. Travelling is the experience baby boomers consider most important. Where, in contrast, buying a brand-new car is seen as the most important experience by millennials, followed by seeing their favourite band live and living away from home.

When asked about their main priority in life, it is unsurprising that both millennials (52%) and baby boomers (56%) say that being happy is top of their list. However, 14% of 18 to 34 year olds see having a good job as their main priority, compared to less than 2% of the over 55s. Being surrounded by friends and family is the top priority for over a quarter (27%) of baby boomers, but just under one in ten (9%) millennials.