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