I think folks have also woken up to the fact that, with living in the tight spaces of these fast growing cities, owning more stuff means you just have to move it later. Especially in London where your landlord can give you a months notice that they are selling, and there are far fewer renter rights than in the US. I just had a friend and her bf give up a one bedroom flat and move back into a shared house in order to save an extra £600 a month - she spend weekends throwing crap out and was amazed at how much had accumulated. My idiot millennial neighbors upstairs apparently go out three nights a week, all night (thank god) and probably eat/drink out a ton too. They are probably saving a little and will get some work experience in the city for a few years before going back to wherever they came from (newcastle, judging by the bellowing in the hall). So for them, why not do it right and have a good time and all the stories they can tell over the next 30 years about some time or other they got wasted and someone had to pull them out of a gutter? Finally, I don't think the whole "retire early" movement has really penetrated here, or, like house owning, its something you either cant see yourself achieving or "its for old people!"