61% of millennials admit to overspending on entertainment

Just under two thirds (61%) of millennials feel like they overspend on entertainment, such as on nights out and trips to the cinema, with a further 34% believing they spend too much on eating out, a study has revealed.

TotallyMoney found that the average adult in the UK saves £183.50 per month, whereas millennials save less at around £176 each month, while also more likely to run out of money before payday. Just under a quarter (24%) of millennials claimed this was the case, with a majority of them placing the blame on their expensive spending habits rather than an overall lack of funds.

The firm discovered that millennials are more likely to consider moving abroad for work opportunities, save for travelling experiences, or ‘live in the moment’, rather than saving for their futures.

TotallyMoney head of search Henry Keegan commented: “Property is certainly more expensive than ever, and interest rates are notably low at the moment – both of which make it hard for younger people to be as well off as their parents or grandparents.

“But there is a noticeable trend that younger people might not be acting with a clear view towards saving for the future. Whether it’s higher spending on unnecessary purchases or an approach to spending which means that they run out of money when they need it, their spending habits may not always be in their best interests.

“We encourage everyone to do research, keep a budget, and use helpful tools to ensure they’re making smart financial decisions.”

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