Millennials spend £3k a year on eating out and clothes
MILLENNIALS spend more than £3,300 a year on average on takeaways, eating out, coffees, socialising and clothes, research has found.
The average annual bill comes to £3,312.72, a survey of 20-to-37-yearolds for Barclays found.
Millennials in the north-east of England spent the most on clothes, shoes and accessories each month at £92.04 on average, while those in the east of England spent the least at £45.23.
Those in the north-east also spent the most on daily habits such as having a take-away coffees (£75.83 per month), while those in Yorkshire and the Humber spent the least at £28.92.
People in the south-west spent the most each month on socialising (£103.81 on average), while those in the east Midlands spent the least at £48.91.
People in London spent the most each month on takeaways (£57.48) and eating out (£78.11).
Millennials in Yorkshire and the Humber spent the least on takeaways (£34.77) and those in the north-east spend the least on eating out (£48.60).
Those in Scotland had the highest monthly spend on memberships, such as gyms, sports clubs and cinema (£64.78).
Young adults in the south-west spent the least on memberships at £21.53.
Two-thirds (67%) of the 2,000 people surveyed feel they do not save enough, or anything at all.
Of those regularly saving, the average amount was £159.89 a month.
Three-quarters (75%) of those surveyed would be willing to make short-term compromises on spending to fund long-term life goals such as buying a home, going on a luxury holiday or buying a car.
Millennials in Wales and Northern Ireland were particularly keen to do this, with 85% willing to make shortterm compromises.
Clare Francis, director of savings and investments at Barclays, suggested people wanting to save more should consider swapping treats for more cost-effective options rather than giving them up completely.
She said: “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.”
She added that people should boost their savings goals. People should also consider paying in cash as it could make you more aware of what you are spending.