Millennials in the West Midlands (18-35s) are fast becoming a generation of regret, as nearly half (47%) who went to university regret doing so given the amount of debt they now have. This is ten percentage points higher than the average across all UK millennials (37%).   As they struggle to pay back tuition fees, meet daily living costs and save for the future, over half (53%) of millennials in the West Midlands who went to university believe they could have got to where they are now if they hadn’t gone, Aviva’s latest Family Finances Report reveals. Again, this proportion is higher than the national average (49%), suggesting millennials in the West Midlands who went to university are particularly regretful of their decision. 

Louise Colley, Customer Propositions Director, Aviva said:

“Millennials are plagued with uncertainty about the outlook for their financial futures, an issue which has not been helped by the uncertainty of today’s economic and political climate. The financial hangover from university has also led many in this age group to question whether in hindsight they made the right decision and how much value it has brought to their current position.

“With relatively low disposable incomes and significant debt to tackle, millennials don’t have it easy when managing their finances. The majority admit to relying on some sort of one-off event or windfall to help them in the future, and while advantageous if it comes to fruition, many could be relying on help that may never materialise.

“While millennials may have to wait a few years to see the benefit of their degree, there are steps they can take to improve their financial situation in the here and now. Learning how to manage their money effectively and prioritising saving where possible – even if it is just small amounts – can help people to feel more confident and in control of their future prospects. Industry and government must also take steps to reduce the gap in financial confidence between young and older people with policies that help those struggling to achieve their goals.”