Gen Z would have to give up coffee for 644 years to afford a deposit for a house

• The average young shopper spends £8.10 per month on coffee shop purchases, according to data from Cheddar
• With the average house deposit now hitting £62,664, that means young Brits would need to forgo their coffees for 644 years to afford a deposit. The life expectancy in the UK is 79, meaning they’d have to give up coffee for over eight lifetimes in order to be able to save enough for a house deposit
• It’s even worse in London, where home buyers would need to give up coffee for well over 1,000 years in order to afford a deposit

Gen Z could get onto the property ladder if only they gave up their expensive coffee habits. That’s the common wisdom from many older commentators in today’s society. Only it’s not true, of course, and new data from Cheddar can prove it.

According to purchase data from Cheddar, the average UK shopper spends £8.10 in coffee shops in the UK per month. With the average deposit needed for a property in the UK now reaching £62,664, that means young Brits could get on the housing ladder, if they gave up their coffee shop purchases for 644 years.

The data is even more startling when you look at the city breakdown. In London, Cambridge and Oxford, you would have to give up coffee for 1,276, 1,149, and 1,119 years respectively in order to be able to afford to buy a house.

Luke Ladyman COO and Co-Founder at Cheddar commented: “For too long Brits have not been given the tools and education to properly manage their finances. The all too common wisdom that all it takes for the younger generations to save up for their first home is to cut back on daily expenses like coffee is a clear example of where our national conversation around financial wellbeing is missing the mark.

“Hopefully, by putting such ill-conceived common wisdoms to bed, we can start to truly empower young people when it comes to their finances. Our money simply isn’t going as far as it did last year – or even last month and it’s vital we look to empower consumers with the education and tools they need to improve their financial wellbeing.”

Consumers can join Cheddar and save hundreds each year with up to 35% cashback at 150+ retailers including leading high-street coffee brands Starbucks, Costa and Caffe Nero.