The managing director of a bank has called for young people to be given more assistance in understanding the finances and processes behind buying a home.
“There's clearly a job for all of us to help kids get a better idea of what's involved with taking the first step on the property ladder” says Russell Galley, managing director of Halifax.
His comments come after the findings of a survey of children and young people suggest that one in five 11 to 14-year-olds think mortgages are unlimited, over a quarter of 18 to 21-year-olds expect to own a home by the age of 25, and some 10 per cent of 18 to 21-year-olds think stamp duty is money to pay for stamps.
On top of that, a fifth of 11 to 21-year-olds in London think the average house price there is between £50,000 and £200,000.
Almost one in four 15 to 17-year-olds believe that only rich people own their own homes, while 23 of young men aged 18 to 21 reckon a deposit of between £5,000 and £10,000 is enough to buy a home - in reality, the average is £32,321.
“Despite being one of the most important financial decisions we're ever likely to make, becoming a homeowner feels like a mystery for Generation Z who will soon be thinking about flying the nest” says Galley.
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