I am a Millennial and my generation is thought to be the first generation that will officially be poorer on a whole than our parents and for me that’s a scary prospect when I have small children of my own.
This year for us its all about gaining control of our finances and this year it’s the year of saving. With no holidays abroad booked, no expensive days out planned we are aiming to make family time about being together and not about spending money. Camping will probably feature heavily as we already have the full kit!
Recently Ferratum asked 1,000 millennials about their spending habits and how they felt about debt and borrowing and I have to say there was some super interesting results.
· 48% have had to borrow money over a previous Christmas period.
· 1 in 3 would actually borrow money to avoid the fear of missing out
I guess I am not the only one flicking through my Facebook feed and feeling rather jealous of those sunny beach snaps when we are in minus temperatures but it seems that 1 in 3 of us might act on that, which if I am honest is a scary thought for me personally.
Talking About Finances
· 42% of millennials have hidden debt from their partner, friends, or family.
· 1 in 3 people are afraid that their partner, friends, or family would find out about their debt.
This one is something my husband can totally relate to as after his first marriage ended the finances became totally clear and there were excessive debts he knew nothing of.
Thankfully my husband and I have a really open relationship with regards to money. We are not big spenders and we live life trying not to get into debt. But looking at the figures from Ferratum it would seem we are generally not in the norm.
This year we are intending to finally get some savings in place for those rainy days that life throws at us and are looking at making planning our thing to save money from meal planning to stop wasting food, batch cooking to eliminate takeaway purchases and being more proactive with comparison sites for our utilities!
January might be a depressing month of dealing with the Christmas aftermath but for these millennial January is about being proactive and making money-saving changes.