Millennial saving habits: How do you compare? A recent survey looked into the spending habits of Millennials compared to Generation X…
There’s recently been a lot of slack about Millennials and their spending habits in the press, with comments saying if only they stopped spending so much on avocado on toast and takeaway coffees they’d be in a better financial position. Aside from being condescending, these comments simply aren’t true for the majority of Millennials. This has been shown in a recent survey by Shepherds Friendly into the spending habits of both Millennials and Generation X. The survey showed Millennials are among the best savers in the UK, with 59% saving at least once a month. They are also more likely to be saving for the short-term goal of a holiday. This survey was carried out on 2,097 UK adults to discover just how they are saving and how it compared between Millennials and Generation X. Of those surveyed 488 were Millennials and 707 were Generation X.
Here are some more key insights gained from the survey:
- Millennials are among the best savers in the UK with 59% saving at least once a Month.
- The key difference between both generations is that Millennials are more likely than Generation X to be saving for a home rather than for retirement in the longer term.
- The majority of Millennials do actively budget. However, a minority (35%) if Millennials are still not doing so.
- Millennials are more likely to save in an ordinary savings account than other types of account.
- Looking at the Millennials that do not save at least once a month, one 1/3 never save at all.
- 11%: Once every two months
- 7%: Once every 4 months
- 5%: Once every 6 months
- 4%: Once a year
- 11%: Less often than once a year
- 33%: Never
- 27%: Don’t know
Check out the below infographic and find out more about Millennial saving habits here…
Fieldwork was carried out online in August 2018 and results are weighted to be representative of all UK adults aged 18+. Total sample size was 2,097 adults, of which 488 were Millennials and 707 were Generation X.
