It was the here-and-now that mattered, and what demanded my attention.
I had a part-time supermarket job, but any proceeds from that went towards transport, clothes, and going out with friends.
If I could tell my 18-year-old self what I know now, perhaps I would say to her, “you’re going to have to start growing up sooner than you think”.
Hindsight is 20/20 but none of us has that benefit.
This generation of young people, due to all sorts of factors, are quickly being priced out of becoming homeowners.
However, it’s not all bad news. We’ve previously shared the stories of several savvy young property buyers who ultimately sacrificed the typical young adult lifestyle to be able to buy a house.
Last month, Liam Temara-Benfell, at 21, bought his first home. He had been saving since he was 14 - an age when most boys are more concerned with peer pressure, puberty, friends, social media, sports and school work.
Saving for a house on top of that? It’s not something I imagine most boys would think about.
In September last year, then 23-year-old Raj Nakura bought his first home, without KiwiSaver.
“I worked in hospitality businesses, cafes, restaurants, takeaway shops — everywhere I could,” he says.
He worked days, nights and weekends.
He meticulously budgeted and managed to save enough for a deposit. He says that’s the key.
He’s absolutely right. These two prove it can be done.
At 21 and 23, Liam and Raj are so far ahead of their time. According to a 2021 CoreLogic report, the average age of first-home buyers is between 34 and 35.
I think these achievements are amazing and will stand them in good stead for the future.
In my view, any future children, through the mere fact of having a home to grow up in, will already be better off.
But it’s clear that young people need to start planning earlier to get on the property ladder.
Opportunities are slim. Sacrifices must be made.
Renting is also a minefield. This week we reported landlords were being “bombarded” with applications from prospective tenants despite the median rent rising to $650 per week in Tauranga and $540 in Rotorua.
If young people can’t live at home with their parents or caregivers until they save up enough for a deposit, or try their luck overseas, then what are their options? Paying rent, and the cost of living makes it almost impossible to save money.
Perhaps a greater focus needs to be made on financial literacy in schools.
I think our children deserve to be told the realities of our housing crisis in New Zealand and what it may mean for their futures.
I think we need more programmes aimed at budgeting and how to apply for a mortgage, the pros and cons of having a credit card or how to avoid the vicious cycle of being in debt.
Tell them what it really means when they want to have that streaming subscription, or takeaway coffee, and those effects on their savings.
Because a child who has a good idea of what their future could entail will be better prepared for it.
