MILLENNIAL GENERATIONS ARE BETTER WITH MONEY THAN THEIR PARENTS: RESEARCH SAYS. 

 

Saving a quarter of their salary a month

 The Millennial generation are actually better with money than their parents' generation with half of 18 to 34-years-olds saving a quarter of their salary each month, an Experian study has found.

 The research was conducted among 4,000 people from across the UK, of which half were Millennials and half were in the Generation X age group  Photo: Alamy Research has discovered that the younger generation are showing signs of building better money habits than the "Generation X" age group of 35 to 55-year-olds, according to the credit checking company.

Reports have previously claimed older people are the big savers, enjoying substantial salaries on so-called "defined benefit" schemes, which guarantee a salary based on your previous earnings.

And a home bought for £4,378 in 1970 would be worth £194,258 today, according to Nationwide's House Price Index.

But the Millennial Me and My Money report found that Millennials appear to have surpassed the generation above them when it comes to money management, with £8,384 in savings and £2,931 outstanding non-mortgage

 

 The research also found that one in four Millennials consider themselves to be "spenders" while nearly half see themselves as "savers".

The research was conducted among 4,000 people from across the UK, of which half were Millennials and half were in the Generation X age group.
Clive Lawson, managing director at Experian, said: "It's striking to see just how much of an impact parental influence can have on the financial well-being of Millennials in adulthood.
"What this research made clear to me was the opportunity that we as parents have to set foundations by helping our children learn from our experiences of managing money and enjoy the advantages that might bring them later in life."