Andrew FisherAndrew FisherApril 27, 2018


Are millennials – or as they are also known, Generation Y – really that bad with money?

They are often labelled as being frivolous with cash and marketers try to capitalise on this. However, Manchester-based Freedom Finance has carried out a study which compares the real generational differences between millennials and baby boomers, and found that millennials really do have it tougher, despite being more cautious with their cash.

When looking into the millennial ‘credit crunch’ generation’s finances, almost one-in-three have less than £500 in the bank. That’s not even enough to cover one month’s rent according to figures around the average rent in England, which is £679. It’s not necessarily for a lack of trying though, as the survey also revealed that millennials are more likely to start saving at a younger age than both Generation X and baby boomers.

They are also more likely to start saving for practical things such as breakdown cover or home emergencies at a younger age, suggesting there is a disconnect between wages and the practicalities of modern life in the UK.

Savings and debt
Average age start saving regularly:

Baby Boomers = 51% become regular savers aged 30 or younger (Av age 31)

Generation X = 48% become regular savers aged 30 or younger (Av age 29)

Millennials/Generation Y = 64% become regular savers aged 30 or younger (Av age 27)


4 years difference
Average age start saving for practical things:

Baby Boomers = 42% become practical savers aged 30 or younger

(Av age 32)

Generation X = 40% become practical savers aged 30 or younger

(Av age 31)

Millennials/Generation Y = 52% become practical savers aged 30 or younger

(Av age 29)


3 years difference

All three generations agreed that their main reason for saving money through their lifetime was to buy a house. However, those who are buying, or who have just bought their first home, admitted saving for a deposit was a struggle. This is what the property landscape looks like across the generations:

The average house price today is 98 times more than it was in 1956 (£223,807 today vs £2,280 in 1956 according to, yet wages have not increased at the same rate. This could be why the average age for first time buyers increases through the generations.

Home and living arrangements
Average age Brits move out/expect to move out:

Baby Boomers = 23 years old

Generation X = 25 years old

Millennials/Generation Y = 26 years old


3 years difference
Average age buying first home:

Baby Boomers = 27 years old

Generation X = 29 years old

Millennials/Generation Y = 31 years old


4 years difference

Inform. Inspire. Include.
A free way to improve your business.

Customer Experience Magazine is the online magazine packed full of industry news, blogs, features, reports, case studies, video bites and international stories all focusing on customer experience.



UK Trademark UK00002648900

EUIPO Trademark 018131832

Contact Information

For article submissions:
Paul Ainsworth

For general inquiries, advertising and partnership information:
Tel: 0207 1932 428

For Masterclass enquiries:
Tel: +44 20 86385584

Customer Experience Magazine Limited
Company number: 12450532
International House, 24 Holborn Viaduct,
United Kingdom, London, England, EC1A 2BN


Find a job in customer support with Jobsora


vape: vape shops in oregon voopoo x217 mod price steampunk vape suorin air vape vape and smoke elkhart downloads images for voopoo software apocalypse rda g priv 2 luxe no smoking or vaping sign new amsterdam vape vaping pen weed vape memes gay smok alien vs g priv wismec tank vaping too low wattage dripper tank vape good sub ohm mod best clearomizer 2017 how to blow better os smok baby mag smok tfv12 uk law vape pen uwell tank rose gold flavored vape juice ban voopoo alpha zip us release date danger of vaping

male enhancement: low t medication micro penos price of sildenafil race and penis size penis increase medicine when do most boys stop growing penis average size low testosterone and low vitamin d vitamin d for testosterone viagra in walmart buying viagra with paypal movie sex drive cialis purchase how to get a longer penis how to get hard fast naturally dapoxetine purchase erectile dysfunction at 22 for hims promo code we are human benis saw palmetto side effects impotence 5 white pill nerves in penis boosted performance relaxing drugs legal hgh instant natural viagra

weight loss: vitamin shoppe weight loss cumin and weight loss gbg weight loss best weight loss pills ephedra adderall weight loss before and after profile by sanford weight loss center total gym weight loss lemon ginger tea for weight loss inspiring weight loss quotes zoloft reviews weight loss interval workout for weight loss weight loss and thyroid problems auricular acupuncture weight loss quick weight loss austin texas best diet pills for men safflower oil for weight loss dosage cilaris diet pills lasix for weight loss the best ketogenic diet for weight loss snooki and diet pills phentermine addiction weight loss energy pills for women apex diet pill no diet no exercise weight loss pills vitamins to lose belly fat weight loss devotions

cbd oil: hemp cbd oil reviews parkinsons cbd sweet dreams cbd oil nbc 6 cbd oil cbd vape oil uk cbd 1 gram cartridge cannabidiol and cbd oil cbd schedule 1 commonwealth bank melbourne cbd opening hours thc oil drops nerve full free speakeasy cbd smok osub 80w manual cbd oil business in muskegon what are the benefits of taking cbd oil uses o cbd oil if you use cbd oil will it show up on a drug test cbd oil for hodgkins lymphoma camway cbd oil cbd oil buying how often should you take c cbd oil cbd oil and golf average price for cbd hemp oil cbd co does cbd oil help neuropothy hemp oil legal