Live now, save later! Brits prioritise memories over money (but Gen Z are the UK’s biggest savers)
Brits are prioritising fun over financial security with 56% putting experiences such as holidays, concerts and meals out ahead of saving for the future.
New research revealed that one in three of us buy a treat every payday with favourite purchases including new clothes, gadgets and weekends away as well alongside little luxuries like takeaway dinners and streaming subscriptions.
The group most likely to live for today are millennials aged 29 to 44, who are twice as likely to splash out on experiences as their parents, according to the Coventry Building Society survey.
But though plenty enjoy living for the moment, a significant number are putting cash aside – with 25 being the average age Brits start saving seriously.
Surprisingly, the most disciplined savers are Gen Z, with 18 to 24 year olds stashing away a fifth of their earnings each month. Millennials come in second, saving around 17.9% of their income while the over 65s are at the other end of the scale, putting away just 13.1%.
Jonathan Wilson, senior savings manager at Coventry Building Society, said: “What really stands out from this research is that more than half of Brits – 56% – say they’d rather spend their money on memories and experiences than put it aside.
“That doesn’t mean people don’t care about the future, but it does show how much value we all place on enjoying life in the here and now.
“Many of us try to save for life’s rainy days – but it’s just as important to set something aside for the everyday moments that matter. Our Sunny Days savings campaign is about supporting those feel-good moments and financial wellbeing across generations.”
The research also found that while younger Brits lean more towards spending, the divide is felt across all age groups.
One in three say payday is the perfect time to treat themselves, while nearly half still list saving and security as their top financial priority
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