Millennials and Gen Z are ditching nights out to save money, new research finds

• Having a cheap night in, shopping for second-hand items, using rewards apps and cooking with leftovers are among the most popular ways the British public saves money
• Saving for a rainy day is revealed to be the biggest motivator for saving
• Baby Boomers are more likely than younger consumers to splash the cash on holidays, expensive meals out and gig tickets

LONDON – WEDNESDAY, 17^TH NOVEMBER: Reducing food waste, using less energy at home and planning weekly food shops in advance are among the best ways consumers try to save money, according to new research from Virgin Media O2.

Making the most of rewards apps, repairing broken items instead of replacing them, making a packed lunch instead of eating out and buying items in bulk where possible were also popular methods – with three quarters (74%) of those polled suggesting they are experts when it comes to saving money.

The study, which explored the top 20 causes which motivate the nation to save money, also discovered that saving for a rainy day was the most common reason, while the desire to have an emergency fund, saving for an upcoming holiday and building a future nest egg all compel the British public to watch their spending. Saving for a new car, putting money aside for a big-ticket purchase for the home and planning for a house renovation or extension also feature highly on the list.

The research also highlighted over a quarter (28%) make regular use of money saving apps and comes as Virgin Media O2 celebrates the opening up of Priority to its 5.7 million Virgin Media broadband, TV and landline customers. Priority gives access to once-in-a-lifetime experiences, daily treats and exclusive access to some of the UK’s hottest events via the popular rewards app from O2.

Jeff Dodds, Chief Operating Officer, Virgin Media O2, said: “It’s clear that when it comes to spending and saving, different generations have different preferences about what is important. It’s no surprise that many are turning to apps such as Priority as a quick and convenient way to get rewards and better value.”

The study of 2,000 adults, conducted via OnePoll, found that those born between 1980 and 1995 (millennials) spend less on days out with family and friends than boomers, who prefer to spend their money on seeing others. Gen Z are also most guilty of spending over-the-odds to save time, by buying whatever is convenient without shopping around while those aged 35-44 – ‘older millennials’ – are most likely to spend money on things they deem ‘unnecessary’.

According to the research, if those aged under 24 were given a pay rise, they would be the most likely of all age groups to splash that new disposable income on clothes or going out with friends and family (39%), with those aged between 45-54 almost twice as likely (64%) to save the extra money. Britain’s youngest adults are also, however, the most likely to describe themselves as being ‘tight’ with their money, with three quarters of under-34s (75%) reluctant to spend where they don’t have to.

Younger Brits also spend the least on eating out – just £27.55 each month – while those aged over-65 are spending more each month on gig tickets than people up to 40 years their junior, dropping an average of £293.28 per year on tickets compared to their younger counterparts. The research also found that those in the middle age ranges – between 35 and 44 – are most likely to sell items they no longer need (39%) to help save money, while millennials are much more likely to explore technological solutions, including using browser extensions to find discounts while shopping online.

To mark this next step in helping Virgin Media O2 customers enjoy the best of both brands, thousands of prizes, worth more than £250,000, are being given away via the Priority app this week, including five-star holidays at Virgin Media Limited Editions hotels, tickets to an exclusive show from Afrobeats superstar Wizkid, plus thousands of prizes from Virgin brands.

Jeff Dodds from Virgin Media O2, added: “There’s never a bad reason – or time – to save money or cut down on your outgoings. Our rewards app, Priority from O2, has something for everyone – whether that’s early access to gigs and events across the UK or complimentary treats from high street brands. This week we’ve opened Priority up to even more people by welcoming our Virgin Media broadband, TV and landline customers to the app and we’re celebrating by giving away thousands of prizes, including tickets to an exclusive show with global superstar Wizkid.”

TOP 20 MOTIVATORS FOR BRITS TO SAVE MONEY

1. Saving for a rainy day
2. To have an emergency fund, just in case
3. Saving for a holiday
4. To have a future nest egg
5. Saving for a new car
6. Saving for a big-ticket item for the house
7. Saving to renovate a house/build an extension
8. To pay off debts
9. To create savings accounts for their children
10. To be able to treat themselves with an expensive gift
11. To invest in stocks and shares
12. Saving for a house deposit
13. For an upcoming big life event e.g. wedding
14. Saving for a large gift to treat a loved one
15. You have nothing else to spend the money on
16. You’re looking forward to a new tech release and want to be an early buyer
17. To start a business / side hustle
18. To get a season ticket for their favourite sports team
19. For a festival ticket (and all associated costs)
20. Saving to get a pet

Priority is exclusive to Virgin Media cable customers and those on O2, helping them do more of the things they love – from daily treats and experiences to early access to the most sought-after tickets in entertainment.

Virgin Media cable customers simply need to download the Priority app via their relevant app store and register using the email address that is linked to their My Virgin Media account. Those on O2 can register using their mobile number.

For more information about Priority, please click here.

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