Millennials and Gen Z are least money-savvy generations, research finds

Millennials and Gen Z are the least savvy when it comes to cash – estimating they waste hundreds of pounds each year on unnecessary stuff, according to research. They also reckon they’re missing out more than any other generation when it comes to saving cash through loyalty schemes.

And 30 percent of Gen Z reckon they don’t have time to cook, claiming takeaways save them precious minutes.

Shockingly, of the 65 percent of Gen Zs in charge of paying an energy bill, only 11 percent have changed their energy supplier within the last two years.

Almost a third (32 percent) of these don’t think it will save them money, and 31 percent reckon they’re too busy.

The study of 2,000 adults was conducted by Virgin Red, whose spokesman said: “We all know we can save a bit of cash by shopping around – but it’s clear the younger generations aren’t “in the know” on how.

“Getting money-savvy seems to be a skill that you acquire as you get older, which comes when you have more and more financial commitments – but we don’t want anyone missing out.”

The poll found millennials spend the most on takeaways each month – £42.92 each on average, which adds up to £515 annually.

And on the other end of the scale, The “Silent Generation” – those born between 1928 and 1945 – spend just £16.77 a month on takeaway meals, on average.

Across all adults, only one in five (19 percent) “always” use a rewards app or service when shopping, with Boomers most likely to do so.

Just under two-thirds (63 percent) of all respondents like to pass on saving tips to others, according to the figures.

And these tips are most likely to be shared with family members (81 percent), friends (72 percent), or colleagues (31 percent).

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