Britain’s youngest adults are most likely to describe themselves as “tight” with money – with the biggest motivator being saving for a rainy day
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Millennials and Gen Z are saving cash by ditching nights out in favour of cheaper nights in, hunting for second-hand items, and using money-saving apps, according to research.
Baby Boomers, however, are more likely to splash the cash on holidays and expensive meals out – although adults aged 18-24 are equally as likely as the over-65s to spring for a “nice bottle of alcohol” to enjoy at home.
The study of 2,000 adults found those born between 1980 and 1995 (millennials) spend less on days out with family and friends than Boomers, who prefer to spend their money on seeing others.
Gen Z are also most guilty of spending over-the-odds to save time, by buying whatever is convenient without shopping around.
But despite this, younger Brits are savvy when it comes to using tech to save money, with 28 percent regularly using discount or rewards apps – far more so than adults aged 55 or above.
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Jeff Dodds, chief operating officer at Virgin Media O2, which commissioned the research, said: “It’s clear that when it comes to spending and saving, different generations have different preferences about what is important.
“It’s no surprise that many are turning to apps as a quick and convenient way to get rewards and better value.”
The research found those aged 35-44 – “older millennials” – are most likely to spend money on things they deem “unnecessary”.
But if under-24s were given a pay rise, they would be the most likely of all age groups to splash that newfound cash on clothes, or going out with friends and family.
Britain’s youngest adults are also the most likely to describe themselves as being “tight” with their money and unwilling to spend where they don’t have to.
As a result, people in this age group spend the least on eating out – just £27.55 each month.
Meanwhile over-65s are spending more on gig tickets than people up to 40 years their junior, forking out £293.28 per year on tickets.
Those in the middle age ranges – between 35 and 44 – are most likely to sell items they no longer need, according to the OnePoll data.
It also emerged that for all adults, the biggest motivation to save money was simply “saving for a rainy day” (41 percent).
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Another 39 percent feel it’s most important to add to their “emergency fund”, while 36 percent put their pennies aside to save up for a holiday.
Jeff Dodds from Virgin Media O2, which has announced its Priority app is now available to Virgin Media cable customers, added: “There’s never a bad reason – or time – to save money or cut down on your outgoings.
“Our rewards app has something for everyone – whether that’s early access to gigs and events across the UK, or complimentary treats from high street brands.
“This week we’ve opened Priority up to even more people by welcoming our Virgin Media broadband, TV and landline customers to the app, and we’re celebrating by giving away thousands of prizes, including tickets to an exclusive show with global superstar Wizkid.”
More information on how to benefit from Priority is available here.
TOP 20 MOTIVATORS FOR BRITS TO SAVE MONEY:
- Saving for a rainy day
- To have an emergency fund, just in case
- Saving for a holiday
- To have a future nest egg
- Saving for a new car
- Saving for a big-ticket item for the house
- Saving to renovate a house/build an extension
- To pay off debts
- To create savings accounts for their children
- To be able to treat themselves to an expensive gift
- To invest in stocks and shares
- Saving for a house deposit
- For an upcoming big life event e.g. a wedding
- Saving for a large gift to treat a loved one
- You have nothing else to spend the money on
- You’re looking forward to a new tech release and want to be an early buyer
- To start a business/side hustle
- To get a season ticket for their favourite sports team
- For a festival ticket (and all associated costs)
- Saving to get a pet