Millennials and Gen Z are the least savvy when it comes to cash, research shows

Research shows that millennials and gen Z are the least savvy when it comes to cash

“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” (SWNS)

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 per cent of Gen Z reckon they don’t have time to cook, and takeaways save them precious minutes.

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

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

The study of 2,000 adults was conducted by Virgin Red, whose spokesperson 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.

The ‘Silent Generation’, meanwhile, (those born between 1928 and 1945), spend just £16.77 a month on takeaway meals on average.

Across all adults, only 19 per cent ‘always’ use a rewards app or service when shopping, with boomers most likely to do so.

Just under two thirds (63 per cent) of all respondents like to pass on saving tips to others, according to the OnePoll.com figures.

These are most likely to be to family members (81 per cent), friends (72 per cent) or colleagues (31 per cent).