By Lotty
How Do you Spend Your Money?
We asked Sainsbury’s Bank about spending habits in young people and whether they differ from our parents. They referred to their study on millennials…
What trends do you see in ‘millennial’ spending?
Most millennials, unlike earlier generations, have a ‘treat yourself’ approach towards spending money. They are more likely to spend their money eating out, socialising, or on clothes and gadgets. In fact, Millennials, eat out five times a week and spend 44% of their food budget outside the house.
Payments are also becoming more digitised. Millennials are more likely to use debit and credit cards or PayPal when making purchases compared to previous generations. In fact, 23% of Millennials carry less than £5 in cash compared to 30% of baby boomers, who carry around £20-50 in their wallets.
What would you say to young people concerned about their financial future?
The future for today’s graduates looks bright. The current UK unemployment rate is below 5% and 82% of graduates are in employment. When surveyed, 49% of millennials reported that they feel confident about their financial future.
We think it’s important to get to grips with saving and managing your money from the get go. If you learn how to budget effectively as soon as you start earning, it will benefit you hugely in the long term.
At HelloGrads, we would like to know if you agree…
How do you spend your money? 💸
Do you feel confident about your financial future? 🤔
Are you savvy about saving and managing your money? ⚖
We would love to hear from you, so get in touch and tell us what you think!
Find out more about managing your money & budgeting:
Get to grips with the basics of managing your money – setting up a budget, graduate bank accounts and more…
Grad Bites: Managing your Money
HelloGrads contributors Bruce, Tamsin & Alessandra share helpful tips to manage your money effectively.
From campus to city living – a lighthearted look at how one graduate got to grips with budgeting
See the visual below by Sainsbury’s Bank for more facts about how millennials spending habits differ to other generations.
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