More than half of young Britons are living “hand to mouth”, according to a new survey.
Researchers who polled 2,000 adults aged between 21 and 38 found many would struggle to get by if they found themselves out of work suddenly.
On average respondents had to spend 41 per cent of their income rent or mortgage and bills, while another £160.71 went on food and groceries every month.
That meant that overall, £1,928.52 a year went out on living costs.
Despite this, eight in 10 respondents believed they were “good” with money.
“Despite the negative stereotypes about broke millennials, many do try their best to save," said Ashish Sampat of card-linking technology firm Perkbox. “The reality is that they have bigger problems to face compared to previous generations. They shoulder more student loan debt and face house prices that are far higher than their parents did at the same age. It is no surprise then, that they inevitably struggle more with savings.”
On average, those polled spent £55.41 down the pub each month, £39.86 on clubbing and £42.65 on gambling. They also paid out £43.08 to use streaming services, £47.87 for gadgets or tech and £48.97 on dining out.
The average respondent also spent £65.18 on clothes and £43.11 on keeping fit. It also emerged most of these young adults - seven in 10 - paid for their items using cards rather than cash.
They also shopped around for good deals - typically spending 25 minutes looking for bargains before making a purchase.
When it came to privacy, 68 per cent of those polled trusted their data was secure when buying online.
However, despite many respondents choosing to buy online, 30 per cent of those polled said they would prefer discounts from local business in their area, rather than those from high street chains.
Ashish Sampat added: “An attractive bargain must go beyond just making offers available to users. Millennials expect highly-personalised, easy to find, on-demand experiences and furthermore, authenticity is a huge thing for them, hence their value for local businesses.”
SWNS
