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'Millennial' adults save more cash, survey reveals

By Vicky Shaw

Published 13/04/2016

The survey also found that with financial hurdles such as student loans, costly renting and the struggle to get on the housing ladder, many Millennials also see debt as a normal part of their life
The survey also found that with financial hurdles such as student loans, costly renting and the struggle to get on the housing ladder, many Millennials also see debt as a normal part of their life

Young 'Millennial' adults are saving larger chunks of their cash than the generation above them, a survey has found.

Those in the 18 to 35 Millennial age group are also more likely to have thrifty habits when buying everyday goods such as a coffee or a pint of beer than the Generation X age group of 36 to 54-year-olds, the research suggests.

The survey found that with financial hurdles such as student loans, costly renting and the struggle to get on the housing ladder, many Millennials see debt as a normal part of their life.

On average, Millennials save 10.9% of their post-tax monthly income, while those from Generation X put 8.8% of their income away typically.

Millennials would be prepared to pay £2.68 for a cup of coffee, while on average those in Generation X would pay £3.07.

The younger generation would be prepared to spend around £3.87 on a pint of beer, while the older generation would fork out £4.74.

Around 1,000 Millennials and 1,000 people from Generation X were surveyed.

Belfast Telegraph

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