The election ended in a hung parliament, where no party had the 326 seats needed to get an overall majority in the House of Commons. While Theresa May remains prime minister, her snap election backfired and there was a glimmer of hope for the British public.
What changed the political landscape was the high turnout of young people. A report by the National Union of Students revealed 72% of people aged 18-24 voted in the general election, particularly for the Labour party.
It is not surprising the party received the most votes from the demographic. Labour leader Jeremy Corbyn’s campaign focused on young people – a key manifesto pledge being to scrap tuition fees. The ultimate legend in British politics.
Despite not winning the election, the overall result was better than expected. But what does it actually mean for your money as a millennial? Is it possible to achieve life milestones like buying a house within the next five years?
The biggest surprise from the result was the crash and fall of the pound, but not for long. The uncertainty of a hung parliament meant the sterling suffered a hit and dropped by 2% overnight.
The cost of summer breaks abroad could be impacted by the result and the pound drop. Financial website This Is Money reported people are likely to see that their money doesn’t go far this year compared to last.
The risk of being short on spending money even caused an urge of anxiety for those lucky enough to visit the French Riviera. However by the time a hung parliament was confirmed, the pound had risen from €1.14 and $1.28. I guess we can save ourselves the embarrassment of counting our pennies.
The majority of young people aged 18-24 will be affected the most by the rise of tuition fees. The government already planned for fees to rise to £9,250, and this seems unlikely to change.
Tuition fees have been an area under scrutiny since the last general election, but nothing has changed. There has been little support for young people from the government (apart from the man himself, Corbyn) to help them thrive in wider society.
First they decided to remove maintenance grants for the poorer students, now they are trying to bleed us dry. Hundreds of thousands of millennials starting their working lives have an average of £44,000 debt, and maybe a whole lot more if the fee continues to spike.
It is important to remain vigilant about how the result may affect your money. It may seem unlikely to happen anytime soon, but it is possible to achieve life milestones whether you’re planning your first holiday or buying a house.
Millennials have been trashed for having an inability to manage and save money, but we understand how fundamental it is. It is the only way to be able to afford houses and cars in the future.
Things could change from now until the next general election so keep an eye on your money and savings. You could either find yourself in a stable financial situation or struggling to scrape together a deposit for a one bedroom flat.