Britain’s Millennial generation of 18 to 34-year-olds has learnt from their parents and are determined to adopt the best money habits when it comes to their finances – despite little or no formal cash management training, it has emerged.
New research and insight from our Millennial Me & My Money report, reveals:
• Four out of five (80%) Millennials say they have received no formal financial education.
• Despite that only one in four (25%) consider themselves to be spenders, while nearly half (49%) believe they are savers.
• Nearly two out of three (63%) say their parents or guardians have had a positive influence on their money management habits, while around one in six (17%) say their parents had a negative impact.
• The average Millennial has £8,384 in savings compared to £2,931 outstanding debt (excluding mortgages and student loans).
• Around one in three (30%) save either a quarter or half of their disposable income each month.
• Millennials are most likely to spend what remains of their disposable income on eating out (54%), socialising (51%), clothes and fashion (35%).
But it’s not all good news as Millennials do have some poor financial habits and are still getting to grips with managing credit:
• Around half (46%) of Millennials have never checked their credit report.
• One in four (25%) have run out of money before payday in the past.
• One in five (21%) have gone into an unplanned overdraft.
• More than one in 10 (13%) have had their bank card declined without realising they were out of money.
To read our Millennial Me & My Money insight report in full simply click on the link here.