'Yuppies' a thing of the past as professionals look to rent |
27 2007 |
| Young professionals working in the City are becoming more sensible with their money, with many opting to rent an affordable flat and put money away for their future rather than splashing out on a fancy car, a new report suggests. Research carried out by the BBC found that, while a top job remains a key goal for many new graduates or postgraduates, the 'yuppie lifestyle' seems to be a thing of the past. According to the Liverpool Victoria Friendly Society, four out of ten young urban professionals cite paying off their debts as their number one priority, while one third are looking to set money aside to fund their retirement. In addition, many young professionals are spending their money on organic food and ethically-sound fashion, while a significant proportion feel that renting a property makes the most financial sense for the time being. Earlier this month the latest 'Rent versus Buy' index from Abbey revealed that tenants of rental property in London are, for the most part, financially better-off than those who have brought a home and are struggling with their mortgage repayments.  |
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