Shepherds Friendly have recently carried out some research on Millennial saving habits and the findings are well worth a read.
You can have a look at their research in more detail in their Millennial savings habits – how do you compare?
Millennial Saving habits and goals
So it turns out that millennials are actually pretty good savers – with almost 60% of them saving at least once a month, in fact, they are amongst the top savers in the UK. Millennials are those born between the early 1980’s to the mid-1990’s,
Generation X are not far behind with 57% saving as regularly as this. Generation X is my generation the generation born after that of the baby boomers (roughly from the early 1960s to late 1970s)
I have to say I am impressed to hear that most of Generation X are more regularly saving for retirement – that’s a very sensible approach ( and one I need to take on board!) Millennials understandably are more likely to save long term for a home.
Millennial Saving Styles
Like a lot of my generation, I put my funds into an investment ISA whereas Millennials are more likely to save in an ordinary savings account (58%) Perhaps this is because old age is closer for my generation.
Budgeting is something I am absolutely passionate about. I know that a few tweak s to your lifestyle can make a huge difference to your financial situation and consequently on your happiness and wellbeing. I absolutely love the tip in the infographic about sitting down each month and drawing up a budget – it is simple and easy to do but hugely effective.
There are some great switches and fixes to help you save money in the infographic. …do have a good read.
I thought it would be a good time to share some of my own budgeting tips:
Here are my top 10 budgeting tips:
- Meal plan – so you don’t end up wasting food
- Shop to your shopping list – so you only buy what is on your shopping list and don’t waste money
- Have a good look at subscriptions and cancel any you are unsure about
- Take a packed lunch to work
- Take a flask on your commute
- Consider a house swap with a friend for a (much) cheaper family vacation
- Make a list of free fun things to do and refer to it every time you are about to spend money on going out
- Shop at charity shops (fast fashion is really bad for the environment AND Your pocket)
- Don’t stare endlessly at magazine and adverts thinking if you had this or that life would be better. Instead, try a daily gratitude of counting 3 blessings will help you be more content with what you already have.
- Do have home and contents insurance as the alternative can cost you a small fortune!
Saving and budgeting well really does make a difference. I found it really heartening to read this research about how many of each generation save regularly. 35% of millennials, not budgeting is a concern though as it really can make all the difference to your financial wellbeing to get into good habits with just tiny tweaks.
Over to you..do you have good saving and budgeting habits? Are your habits better or worse than Millennial saving habits?
Millennial saving habits – are yours better or worse? is a collaborative post – you might also like my post on how to manage your life on a budget
and more about saving money in 2020 here