A quarter of Brits are worse off than two years ago
Brits are struggling to save as tight budgets force cut backs.
As the issue of intergenerational unfairness is looked at by politicians and the financial regulator, a new report shows that more than half of 25 – 34 year olds have missed a meal because they are hard up.
Almost two thirds (64%) have given up, or cut down, on things they enjoy due to financial difficulties. However, it’s not just the young feeling the pinch – the report from MoneyExpert.com showed that a quarter of Brits are worse off than two years ago.
Targets for saving include clothes shopping (34%), meals out (40%), TV subscriptions (15%) and holidays (35%). Almost a quarter (24%) taken to walking to work to save cash.
The savings picture looks equally gloomy for many Brits. Over a fifth do not put any money aside and even those that do save an average of just £891 a year. The younger generation are leading the way on this, with three-fifths (60%) of 18 – 24 year olds saving each month, compared to 52% of those aged 45 – 54.
Women are faring worse than men. Just over a quarter of women (28%) would describe themselves as being financially better off than two years ago, compared to two fifths of men (40%). As a result, men are saving almost double what women put away – £1,144 versus £647.
Jason Smith, savings guru at MoneyExpert.com, said: “It’s shocking to see that the younger generations are skipping mealtimes just to make ends meet. This coupled with a quarter of the nation being worse off financially shows it really is time to delve into your finances and see where you can start saving money.”