Millennials and Gen Z will agree with me when I say the kind of adulthood they are experiencing now wasn’t what they envisaged at all in their younger years. All of a sudden, everything just became too expensive and somewhat out of their reach. The rising inflation doesn’t even give them the chance to gather their thoughts before it redirects them. You see a washing machine and want to purchase one, you start saving towards it and the moment you go to the store, boom! The price has doubled or even tripled and you are back to square one.
The cost of rent in recent years has risen astronomically, leaving many Millennial and Gen Z renters struggling to afford housing in cities across the globe. Both generations, already burdened with job market fluctuations and a high cost of living, are feeling the pinch as rents continue to rise at unprecedented rates. This financial strain is delaying key life milestones such as homeownership, savings for retirement, or even starting a family.
The Financial Reality of Millennial and Gen Z Renters
Millennial and Gen Z renters should be given a badge of honour each time they pay their rent because they face unique financial challenges that their predecessors did not. Just tell me why renting a two-bedroom apartment in the city of Lagos, Nigeria, should cost between 2 million and 3 million naira.
Due to high down payment requirements, homeownership is such a lofty dream for Millennials, many of whom are well into their 30s. For Gen Z, the situation is more dire as they are just entering the workforce and face the challenge of saving in a high-cost, high-rent economy.
Wouldn’t it be nice if there were some form of support to help in this regard? This is where UBA comes in.
How UBA Provides Support
In the face of this mounting pressure, the United Bank for Africa Plc offers a range of loans that can help these two generations achieve their rent goals and purchase some appliances while at it. The repayment plan is flexible and the interest rate is quite competitive. The tailored solutions from UBA are designed to ease the financial burden on these younger generations.
To get started, walk into any of our business offices closest to you or contact your Relationship Manager for guidance.
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