Younger generation looks to millionaire status
New research casts light on a younger generation extremely confident about its ability to stay in control of its finances.
The poll of 1,000 16-21-year-olds by UCB Home Loans shows that 56 per cent expect to be self-employed when they are older: a proportion significantly higher than the national average, which currently stands at 13 per cent of the UK's working population.
The prospect of running a business appealed to 64 per cent of young men and 50 per cent of young women and the findings show that they clearly tip themselves for success.
Almost a third of respondents (31 per cent) expected to rise to millionaire status, despite the fact that there are only an estimated 425,000 millionaires currently living in the UK.
'Gradual inflation and the increasing cost of housing are likely to increase total wealth past the £1 million figure for a large proportion of these people during their working lives,' said Keith Astill, managing director of UCB Home Loans.
However, he cautioned that the property market would provide a major hindrance to these aspirations, with the increase in the age of first time buyers now rendering many young people dependent on their parents into their late twenties. | 
