Millennials and Gen Z are the least savvy at saving money & waste £100s every year

According to research, Millennials and Gen Z are the least cash-savvy – they are estimated to waste hundreds of pounds a year on unnecessary things.

They also claim that they are missing out more than any other generation when it comes to saving cash through loyalty programs.

Millennials and Gen Z are the least knowledgeable when it comes to cash


Millennials and Gen Z are the least knowledgeable when it comes to cashCredit: SWNS

And 30% of Gen Z say they don’t have time to cook and that takeout saves them precious minutes.

Amazingly, out of 65% of Gen Z who are responsible for paying their energy bills, only 11% have changed their energy supplier within the past two years.

More than a third (32%) of these don’t think it will save them money, and 31% think they’re too busy.

In a study of 2,000 adults conducted by Virgin Red, a spokesperson for the company said: “We all know we can save some money by shopping around – but obviously the younger generation doesn’t ‘know’ about this way.

“Money literacy seems to be a skill you acquire as you grow up, which emerges as you become more and more financially committed – but we don’t want anyone to miss out.”

The poll shows millennials spend the most on takeaways each month – an average of £42.92 per person, which adds up to £515 per year.

Meanwhile, the ‘Silent Generation’ (those born between 1928 and 1945) spend on average just £16.77 a month on takeaway meals.

Across all adults, only 19% ‘always’ use a rewards app or service when shopping, with boomers the most likely to do so.

Just under two-thirds (63 percent) of all respondents want to share savings tips with others, according to the report. data.

These are more likely to be for family members (81%), friends (72%), or co-workers (31%).

Russell Falcon

Russell Falcon is a USTimesPost U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. Russell Falcon joined USTimesPost in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing

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