Almost three quarters of millennials in London are relying on a one-off event to help them repay their student debt, new research from Aviva reveals.
More than a third are hoping for a promotion, while 20 per cent are awaiting some form of family inheritance and another 20 per cent are hoping to win the lottery. Eight per cent are hoping the housing market collapses.
A higher percentage of millennials in London, or 72 per cent, are relying on a one-off event to repay their debt than across the rest of the country.
Nearly two thirds of millennials in the capital receive financial help from their parents, 15 percentage points higher than the average across millennials nationwide (to be fair, they do face inflation which is three times higher than that of baby boomers).
Millennials in the capital, however, estimate that it will take them only 8 years to repay their debt, compared to the average for all millennials (11 years), due to the possibility of higher earnings in London.
As millennials struggle to pay back their tuition fee debt, 42 per cent who went to university now regret doing so due to the debt they have amounted.
A slim majority of millennials are prioritising long-term saving over short-term spending because they view goals such as buying a house as more important than spending on daily life.