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A quarter of Brits are worse off than two years ago

Cherry Reynard
Written By:
Cherry Reynard

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.”