One in ten 18 to 21-year-olds think Stamp Duty is money to pay for stamps, while a third expect to own the own home by the age of 25, according to a report which shows the “shocking” lack of understanding of the property market by young adults and teenagers.
A third of youngsters aged 11 to 14 are banking on mum and dad to pay for their future home, while more than one in five of their 18 to 21-year old counterparts are relying on the government to help them on to the property ladder, according to the study from Halifax.
However, almost one in four 15 to 17 year-olds believe that only rich people own their own homes, which is not surprising if a quarter of youngsters that age expect to save for 20 years towards a deposit.
Russell Galley, managing director of Halifax, said: “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.
“Although our research found that the vast majority of 11 to 14 year-olds understand what a mortgage is, one in ten aged 18 to 21 think Stamp Duty is money to pay for stamps – so 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 to the property ladder.”