Two thirds of millennials admit they don’t save enough – or at all
Millennials could save a whopping £10.5 billion a year by making minor changes to their spending habits, new research from Barclays found.
More than two-thirds (67%) of millennials admit they don’t save enough – or anything at all – with new findings showing that the average 20-37-year-old spends £3,312.72 a year on takeaways, eating out, daily treats, socialising and buying new clothes.
According to Barclays’ research, millennials spend, on average:
- £904.20 a year on socialising;
- £738.96 a year on new clothes, shoes and accessories;
- £705.96 a year on eating out;
- £522.60 a year on takeaways;
- £441 a year on daily treats (coffees etc).
Barclays’ research shows that making small ‘swaprifices’, such as replacing every fifth takeaway, shop-bought coffee and night out with free alternatives or having a night in, could save millennials up to a hefty £662.54, on average.
Of those millennials that said they do save regularly, the average amount was £159.89 a month. If you added these savings to the cash accumulated by making ‘swaprifices’ on takeaways, socialising and other treats, they would be left with a whopping £2,581.22 after just one year – enough for a seven-stop, round the world travel ticket and £1,132.22 left over to cover hotels and spending money.
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