So which generation is the savviest?
Different life stages bring different financial priorities and, of course, this dictates how we spend the pounds in our pockets. Few 25 year olds in their first job, with student loans, rent and living expenses, will have the same plans for their monthly income as a 55 year old with a mortgage, children and parents to support, and retirement on the horizon. The short answer is that every generation has its financial strengths, and the smartest among us are those who can adapt to their changing landscape of monetary challenges.
WE ALL WANT TO SAVE There tends to be more uniting than dividing us. When we asked people about their savings, everyone wished they could save more. Over half of women (63%) said they wished they could put more aside but couldn’t afford to, or that they save some money but should probably do more. This is hardly surprising, as the rising cost of living has affected all of us. Of course, this will affect the generations in different ways, which is why people in their 20s and 30s are worried about earning a decent pay packet (when wages have stagnated), while those who are older are more concerned about stretching their pensions.
SAVVIER SHOPPERS While what we spend our leftover cash on may change, it seems that, no matter what our age, clothes, socialising, holidays and home improvements all feature high on the priority list. However, we are all getting much more savvy when it comes to how we buy and we’re inclined to shop around. Of those surveyed, 79% said they always looked for the best deal, whether for groceries, insurance, appliances or holidays. And we’re not loyal to a particular supermarket, either – 52% of us will go to a different store if we can get a better deal.