Millennials could save up to £10.5 billion a year – research

Two thirds of millennials admit they don’t save enough – or at all

Millennials could save up to £10.5 billion a year – research. Source: shutterstock.com

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.

There’s a common myth that you have to become a hermit if you want to save money. But that’s not the case. Think swap, not sacrifice. That could mean making yourself a coffee in the office once a week, or inviting friends over every now and then instead of going out. The beauty of these small swaps is that by simply tweaking your lifestyle, the savings you make can be huge
Clare Francis, Director of Savings and Investments at Barclays

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.

SEE ALSO: Personal budgeting step by step

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