Why fast fashion is bad and robots are good: four things we learned this week

Why fast fashion is bad and robots are good: four things we learned this week

It’s Friday and time to take stock of what we learned this week about young people and their finances. Apparently, we don’t have savings, do have a bad fast fashion habit and love robots… Here we go!

Half of twenty-somethings have no savings

Savings

Young people in the UK are losing the savings habit, according to data from the Office for National Statistics (ONS). It is hardly surprising that home ownership among the young is down 10 per cent since 2008.

But the new data also revealed 53% of 22-29 year-olds had no money saved in a savings account or Isa in 2014 to 2016. Of those who did, the top 10% of savers had at least £15,000 put away, while the bottom 10% had less than £100.

The ONS has a handy interactive calculator which you can use to find out how your earnings, savings and debt stack up relative to other young people here.

Fast fashion is harming the planet, MPs say

Young people’s love of fast fashion is coming under the scrutiny of politicians, as reported by the BBC and elsewhere this week.

The House of Commons Environmental Audit Committee has written to the UK fashion bosses asking how they can maintain the £28bn benefit their industry brings to the UK economy while reducing environmental harm.

People are buying twice as many items of clothing as they did a decade a go. British shoppers are particularly to blame - buying more new clothes than any nation in Europe.

Chairwoman Mary Creagh told BBC news if current consumption continues the fashion retailers “will account for more than a quarter of our total impact on climate change by 2050”.

She said: “Three in five garments end in landfill or incinerators within a year - that’s expensive fuel! Half a million tonnes of microfibres a year enter the ocean. Doing nothing is not an option.”

Fast fashion

Rent rip-off hotspots

People in their twenties who want to rent their own place face having to pay “unaffordable” amounts in two-thirds of Britain, research by the BBC has found.

Average rents for a one-bedroomed home account for more than one third of their typical salary in 65% of postcode areas in Britain.

The research found “many housing organisations regard spending more than a third of income on rent as unaffordable”.

In London, it takes a salary of £51,200 to be able to “afford” to rent a one-bed London property.

Millennials prefer robots to people at work

“Lazy millennials” would prefer robots to conduct menial tasks at work, while “baby boomers” would still favour traditional human interaction, research has claimed.

In the survey of 1,200 employees in the UK, one in six 18-34 year-olds named customer interaction among their most hated work tasks. Only four per cent of over 55s said the same.

The research was commissioned by an artificial intelligence firm, ABBYY, which said “the older generation aren’t yet willing to give up the tasks that could be delegated to robots”.

So… there you have it!

Are millennials more ready to embrace AI in the workplace, even if it means giving up human interaction? Are we harming the environment with our non-stop shopping habit while struggling to pay rent and save?

We’re interested to hear your views…

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