Millennials staying in to save cash while Baby Boomers splash the cash
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.
Meanwhile, Baby Boomers are more likely to splash the cash on holidays and expensive meals out, though adults aged 18-24 – and those over 65 – are equally likely 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.
Younger Brits are also savvier when it comes to using tech to save money, as 28 per cent regularly use discount or rewards apps and are more likely to do so than adults aged 55 or above.
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 per cent).
Another 39 per cent feel it’s most important to add to their ‘emergency fund’, while 36 per cent put their pennies aside to save up for a holiday.
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.”
Virgin Media O2 has just announced the O2 Priority app is now available to Virgin Media cable customers. More information on how to benefit from Priority is available here
TOP 20 MOTIVATORS FOR BRITS TO SAVE MONEY:
1. Saving for a rainy day
2. To have an emergency fund, just in case
3. Saving for a holiday
4. To have a future nest egg
5. Saving for a new car
6. Saving for a big- ticket item for the house
7. Saving to renovate a house/build an extension
8. To pay off debts
9. To create savings accounts for their children
10. To be able to treat themselves with an expensive gift
11. To invest in stocks and shares
12. Saving for a house deposit
13. For an upcoming big life event e.g. wedding
14. Saving for a large gift to treat a loved one
15. You have nothing else to spend the money on
16. You’re looking forward to a new tech release and want to be an early buyer
17. To start a business / side hustle
18. To get a season ticket for their favourite sports team
19. For a festival ticket (and all associated costs)
20. Saving to get a pet