Shepherds Friendly carried out a survey of 2,097 UK adults to find out how they are currently saving. Of those surveyed 488 were Millennials and 707 were Generation X.
Saving for the future is something everyone knows they should do, but we understand that life happens, and that there are many factors which can get in the way of being in a position where one can save regularly.
Their survey revealed that while Millennials are amongst the best savers in the country, with 59% saving at least once a month, Generation X are not far behind with 57% saving as regularly as this. The only difference being that whilst both are saving for shorter term goals like holidays, Millennials are more likely to be saving for a home, whereas Generation X are more focused on saving towards retirement.
Another factor that separates the generations in their savings habits, is where they save their money. Millennials are more likely to save in an ordinary savings account (58%) than other types of account. This reflects their shorter-term savings goals.
Although Generation X with 61%, are more likely than Millennials to save in ordinary savings accounts, this older generation were also 75% more likely than Millennials to save in an investment ISA, which would be better suited to longer term saving goals.
See how your savings habits compare to the average millennial and learn how you can make quick fixes or tweak lifestyle changes to improve your own saving habits.