Who says millennials can’t have their avocado toast and save for a house at the same time?
Australian millionaire Tim Gurner did, that’s who.
The 35-year-old developer called out the generation on Australia’s version of “60 Minutes,” claiming wasteful spending is preventing young people from becoming homeowners.
But Matt Thompson, the Managing Partner of Madison Social, believes there are other reasons millennials have no interest in buying houses, and it has nothing to do with the fancy toast.
“I don’t think it really has anything to do with avocado toast or spending money on lattes and whatever else they’re doing,” he said. “I just think it comes down to a basic desire of, ‘I’m not ready to set roots, I don’t know where I’m gonna be at in 10 years.’”
He said the definition of job security has changed, and that millennials prepare to be able to find another job quickly.
“If you look at the world through those lens, why would you buy a house?”
Thompson said the team at Madison Social noticed the article flooding their timelines, and figured it was pretty interesting enough to plan a budgeting event based on the food.
“Obviously, we have avocado toast on the menu, and obviously we have a lot of millennials—whether that be juniors and seniors in college or young professionals that are in our audience.”
The “Avocado Allowance: How to Budget for Brunch and the House” event will be Thursday at the restaurant. Thompson said guest speaker Andrew Gay, Senior Accountant at Grimsley and Company CPAs, will be providing expert tips on personal finance, mortgages, and 401Ks, and to expect that Madison Social will be serving avocado toast.
Who said you have to skip brunch in order to be money savvy?