Millennials choose Netflix over nights out to save money
Over two thirds (68%) of millennials who save money each month say they consciously miss out on going to bars, eating out, holidays, concerts and festivals as they’re saving for big purchases such as holidays, getting on the housing ladder, birthday and Christmas presents, and luxury items like handbags or cosmetics.
Instead, they prefer to spend time watching Netflix, going on walks, baking and finding free things to do where they live, according to the study by RCI Bank, who has dubbed them ‘Generation Sensible’.
The average millennial saves £202 a month to achieve their savings goals, the research found.
Jean-Louis Labauge, CEO of RCI Bank, said: “It is promising to see that millennials like to enjoy a range of activities with friends and family that don’t break the bank. Contrary to the mainstream belief, our research shows that they are actually sensible with their money, and enjoy celebrating these lowlights so that they have the financial ability to enjoy the highlights when the time comes.”
However, the picture isn’t all rosy with 25% of millennials saying they don’t save at all. The main reasons are lack of income, paying off existing debt, and the cost of living.