1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Legal & General Plc
  6. News
  7. Summary
    LGEN   GB0005603997

LEGAL & GENERAL PLC

(LGEN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Legal & General : study on U.S millennials and housing quantifies impact of student and medical debt as barriers to home ownership

01/12/2022 | 10:16am EDT

Legal & General Study on U.S. Millennials and Housing Quantifies Impact of Student and Medical Debt as Barriers to Home Ownership

Many Millennials Are Unable to Save or Build Credit

  • 36% of millennials report student debt a major barrier to saving for a down payment on a home
  • While saving for a down payment is top priority for 45% of millennials, 26% prioritize first paying off student loans and 12% would first pay off their medical debt
  • Only 60% of millennials surveyed carry their own health insurance

New York, NY, January 12, 2022 - Student debt has arguably affected the millennial generation more adversely than any other age cohort, with many 25- to 40-year-olds feeling financially crippled by the skyrocketing cost of college tuition at a crucial point in their lives, along with other economic challenges. Today, the fifth and final part of a broad new study conducted by Legal & General Group, U.S. Millennials and Home Ownership - A Distant Dream for Most, is released, diving into the role of student and medical debt in creating a vicious cycle that keeps millennials from saving and building credit to purchase their own home. In the research, survey subjects repeatedly called for cancellation of oppressive student debt.

This fifth segment of the data-richstudy, Student Debt and Cost of Healthcare Turn Saving, Credit

Building into a Vicious Cycle for Millennials, looks at one final aspect of the multi-faceted conundrum the generation faces in gaining a foothold on the home ownership ladder. The research finds that a significant portion of college-educated millennials feel student debt has affected their ability to buy a home. Among those surveyed, 40 percent reported that it had exercised a "moderate" to "very strong" impact on their plans. Meanwhile, among millennials the study surveyed, 51 percent had received an unexpected medical bill over $2,000, while only 60 percent held their own health insurance. The study looks at why millennials in particular have been so strongly affected by the similarly rocketing costs of education and medical coverage.

Legal & General Group Chief Executive Sir Nigel Wilson commented: "Student loan debt is a leading contributor to the economic imbalance our research identifies, meaning that saving for a down payment to purchase is a distant rather than near-term goal for many U.S. millennials. It has put this generation at a considerable disadvantage in terms of parlaying their hard-won education into wealth, in the form of home ownership."

Study Co-Author and Legal & General Corporate Affairs Director John Godfrey adds: "Traditionally, health insurance in the U.S. has been a benefit provided by corporations to their employees. But a confluence of factors, from the Great Recession to the rise of the Gig Economy, have affected the

degree to which younger Americans were covered during this critical time, or had to purchase their own policies. When you add the cost of health insurance plans and medical debt to the student loan burden, it's less surprising that the percentage of U.S. millennial homeowners is at a historic low."

Legal & General's study looks not only at the inequities set up by student and medical debt, but also at demographic choices based on particular millennial age and life stage, and at various drivers shaping these choices. This final segment of the study wraps up our survey of the various obstacles that are hindering millennials in their home ownership quest.

# # #

Media Contact:

For more information on the 2021 U.S. Millennials and Home Ownership study, or to see a copy of Part 5 of the report, please contact:

Meir Kahtan: mkahtan@rcn.com+1 917-864-0800

Meir Kahtan Public Relations, LLC

Notes To Editors

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

About the Study

Legal & General undertook proprietary research into the attitudes and changes, as well as geographic shifts, U.S. Millennials are experiencing in relation to home purchases and affordable housing. The U.S. Millennials and Home Ownership research was compiled using original survey data 875 U.S. based Millennials who don't own a property, then segmented into three distinct age groups and other demographic markers. The survey work was carried out by Legal & General. Fieldwork was undertaken during March and April 2021. All surveys were carried out online.

About Legal & General Group

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with international businesses in the U.S., Europe, Middle East and Asia. With over $1.4 trillion in total assets under management, Legal & General is the UK's largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, life insurance, workplace pensions and retirement income.

Disclaimer

Legal & General Group plc published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 15:15:02 UTC.


© Publicnow 2022
All news about LEGAL & GENERAL PLC
05/10LGIM in £500m Bishopsgate property sale
AQ
05/10Tumelo Limited announced that it has received £15.3 million in funding from Treasury In..
CI
04/26LEGAL & GENERAL : LGIM secures £270m green debt facility from HSBC, NatWest & Standard Cha..
PU
04/25Credit Suisse investor rebellion over climate action grows ahead of annual meeting
RE
04/25Credit Suisse Faces Increased Investor Pressure On Climate Action
MT
04/21LEGAL & GENERAL GROUP PLC : Ex-dividend day for final dividend
FA
04/14LEGAL & GENERAL : partners with HCI to help empower individuals to take control of their l..
PU
04/14LEGAL & GENERAL : agrees £6.6m buy-in with Gordonstoun School Retirement Benefits Scheme
PU
04/14LEGAL & GENERAL PLC : Mixed general shareholder meeting
CO
04/13LEGAL & GENERAL : Millions of savers think inflation will leave them better off
PU
More news
Analyst Recommendations on LEGAL & GENERAL PLC
More recommendations
Financials
Sales 2022 79 715 M 97 626 M 97 626 M
Net income 2022 1 989 M 2 436 M 2 436 M
Net Debt 2022 5 188 M 6 354 M 6 354 M
P/E ratio 2022 7,63x
Yield 2022 7,65%
Capitalization 14 956 M 18 316 M 18 316 M
EV / Sales 2022 0,25x
EV / Sales 2023 0,20x
Nbr of Employees 10 743
Free-Float 97,6%
Chart LEGAL & GENERAL PLC
Duration : Period :
Legal & General Plc Technical Analysis Chart | LGEN | GB0005603997 | MarketScreener
Technical analysis trends LEGAL & GENERAL PLC
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 252,30 GBX
Average target price 320,29 GBX
Spread / Average Target 26,9%
EPS Revisions
Managers and Directors
Nigel David Wilson Group Chief Executive Officer & Executive Director
Jeff Davies Group Chief Financial Officer & Executive Director
John Kingman Chairman
Lesley Mary Samuel Knox Independent Non-Executive Director
Philip Arthur John Broadley Senior Independent Director
Sector and Competitors
1st jan.Capi. (M$)
LEGAL & GENERAL PLC-15.19%18 316
BLACKSTONE INC.-16.67%75 552
KKR & CO. INC.-30.78%30 561
THE CARLYLE GROUP INC.-31.38%13 624
ESR CAYMAN LIMITED-12.90%12 852
FRANKLIN RESOURCES, INC.-25.08%12 543