Millennials feel confident about their financial future...
Age is but a number, or so we’re lead to believe. But how much does when we’re born affect our attitude and behaviour? Sainsbury’s Bank has examined how the financial habits of different generations compare, with some fascinating findings.
Millennials, born between the early 1980s and mid-1990s, are reaching an age where they are graduating university and starting careers. Most Millennials, unlike earlier generations, have a ‘treat yourself’ approach towards spending money. As the first truly digital generation, the way millennials live, work and consume is truly unique due to their life experiences and ability to adapt quickly to technological advances. Research also shows that they spend up to 54% of their disposable income on dining out and socialising, which would be unimaginable for the more frugal baby boomer generation who grew up with the 'saving for a rainy day' attitude.
Millennials are more likely to use debit cards, PayPal, or credit cards when making purchases compared to previous generations. In fact, 23% of Millennials carry less than £5 in cash compared to 30% of baby boomers (individuals born between the mid-1940s and mid-1960s) who carry around £21-50 in their wallets.
The future for today’s graduates looks bright. The current UK unemployment rate is below 5%, and when surveyed, Millennials generally report that they feel confident about their financial future. Check out the visual guide by Sainsbury’s Bank for more interesting facts.
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