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'Millennial' adults save more cash, survey reveals

By Vicky Shaw

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.

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