In Luxembourg, money matters are rarely really discussed at home, at school, and between friends. Meanwhile, the old reasons to save, such as buying a home, are slipping out of reach for many young adults. Why it's more important than ever to openly talk about money, and how we can approach saving differently – even in economically fraught times.
You're young and freshly baked on the job market – now, if you can, what are you saving for? 20 years ago the answer was pretty straight-forward, if not formulaic: a car, then a house. Those used to be the two milestones that gave putting money aside a clear payoff. Today, that link is snapping for a growing number of young adults – which has little to do with a lack of willingness to do so.
Hélène Lange, Head of Business Coordination at the Association des Banques et Banquiers du Luxembourg (ABBL), puts her finger at the core problem when it comes to the lacking saving culture among young adults: "What we have noticed is that many young people no longer think, 'my goal is to buy a house'." Homeownership, she says, has become so structurally out of reach for anyone without family backing or a deposit that the goal itself is disappearing from view – and with it the reason to commit to long-term saving at all. "Why bother saving if you can't get on the property ladder?"
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