Newspaper article The Journal (Newcastle, England)

Younger Generation Is So Savvy at Saving; According to New Research, 'Millenials' Are More Clued Up Than Expected When It Comes to Their Finances

Newspaper article The Journal (Newcastle, England)

Younger Generation Is So Savvy at Saving; According to New Research, 'Millenials' Are More Clued Up Than Expected When It Comes to Their Finances

Article excerpt

THE first taste of financial independence can be a daunting one.

There are bills to juggle, debts to consider and perhaps expensive rent too - let alone the thought of trying to get on the property ladder as house prices continue to push upwards.

But, promisingly, new research suggests that today's "Millennial" generation of 18 to 34-year-olds are actually managing their money rather well - better than their parents in fact.

Nearly half (49 per cent) of Millennials see themselves as "savers", while only one in four (25 per cent) would describe themselves as "spenders" - according to a report from credit checking company, Experian.

Some 45 per cent of Millennials manage to put at least one quarter of their disposable income into savings each month.

This is a higher proportion than that of people in the generation above them, aka "Generation X" (35 to 55-year-olds).

Just 34 per cent of Generation Xers say they save at least a quarter of their disposable income each month, according to the research among 4,000 people.

For many young people, while their parents may not be as good as them at saving, nearly two-thirds (63 per cent) say their parents have had a positive influence on their money management habits.

If you're experiencing your first taste of financial freedom, here are some tips from Experian: | Don't forget to budget: It's a balancing act - ensuring you have more money coming in than going out will help you stay on top of your finances and help you avoid either running out of money, or going into your overdraft at the end of the month.

| Think before you borrow: Companies can be keen to build relationships with new customers, especially students and young people, so may use special offers to attract your attention.

While these can be useful, try to focus on getting what you need at the lowest cost. …

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