So which gen­er­a­tion is the savvi­est?

Good Housekeeping (UK) - - Good Advice -

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.

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