Your money or your life? Younger generation are right to go out and enjoy themselves without worry

how important is it to own a house? A report out last week warned that up to half of the millennial generation could still be renting in their forties and a third could be “retiree renters”.

Do millennials – those born between 1980 and 2000 – care whether they will ever own bricks and mortar? I’m not convinced they do, or at least not nearly as much as we did.

The younger generation has a different set of values. They don’t seem to share their elders’ fear of debt.

I can’t imagine them putting money under the mattress, or saving for a rainy day. They think every day is going to be sunny.

They seem to prefer to splash their cash on experiences, travelling and living life to the max. If that means living on credit and not climbing the career or property ladders, that’s fine by them.

Couldn’t we learn a lot from them? My parents’ generation and those before them have often been reluctant to spend money on themselves and enjoy things more. Saving has been a big part of their lives. Sometimes money is being saved for their children. That’s fine – but it is your life and your money.

If there’s somewhere you’ve always wanted to go, or a special something you’d love to buy, then why not go for it?

Some people despair at the millennials’ “live for the moment” attitude and think how irresponsible it is.

I look at them and think it’s great. How great to be that fearless!

Previous generations have been in such a rush to get on the housing ladder, and saddle themselves with a mortgage that they often miss out on the opportunity to see the world and have fun. Buying a house comes with a big set of responsibilities. Renting passes many of those responsibilities to a landlord. If tenants want to up and leave, or move for a job opportunity, it’s much easier.

But do we owe it to our children to help them buy a house, if they decide that travelling and living it up is no longer enough? I can understand if parents feel that way.

Previous generations have had it easier in many ways, in terms of getting started on the property ladder. Particularly in some areas of the country, property prices – whether you are renting or buying – are extortionate and make it impossible.

When I was working on my book, I lived in London for a year and rented a flat. It was so expensive to live there. How can young people hope to get on the housing ladder if they are based in a city where the cost of living is exorbitant?

I look back on my time at university and it was so different to today. No tuition fees. Nowadays teenagers are coming out saddled with loan debt.

It’s no surprise the bank of Mum and Dad can be open all hours. Just remember to take a tip from the kids and live life to the full, too!