For some reason, money is always at the forefront of our minds and affects every decision we make. I like to think that my generation is becoming more sensible with their money. We successfully made our way through the British financial crisis of 2008 and came out the other side unharmed (mostly).
In a survey conducted by SwiftMoney, it has been found that we’re a nation of savers. 83% of 18-24-year olds are saving regularly, as are over half of 24-35s and 42% of 45-54-year olds. But what exactly are we saving for?
The most common reason for saving money amongst all of the age groups is to safeguard their future, e.g. paying into a pension, saving for unexpected bills or emergencies. The second most common reason is to save for experiences such as holidays or festivals.
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If you’re a regular reader of my blog, you might have noticed that I am a fan of travel and adventures. I try to get away at least once a month and so this is what I save my money for.
I try to see saving as if it is a bill that has to be paid. Try to work out the maximum you can afford to save each month. Put this in the bank religiously. Then, halve the amount you’ve saved and that can be spent on fun trips, holidays and meals out with friends. For example, save £200 and put £100 aside for fun extras. This is a good way to save without limiting yourself and you still feel like you can afford to do fun things.
The majority of all age groups consider themselves selective bargain hunters, purchasing cheap but decent quality goods. If you’re a fan of designer clothes, consider finding good quality, second-hand clothes from eBay or a charity shop. They’ve still got the designer label, but without the extortionate cost.
When it comes to clothes, it seems older generations are more sensible. 42% of 45-54s and 47% of above 54s won’t buy an item of clothing if they don’t need it. 40% of 25-34s and 35% of 18-24-year olds wait until they can find it cheaper online.
The percentage of those who don’t buy unneeded items goes up the older the person gets. Does this mean we get more sensible as we get older?! For more money-spending habit information, check out the infographic below.
I’d love to hear your thoughts on generation spending, and how your family spends their money. Let me know in the comments!