Money & The Generations

Do you think you’re better with money than your parents, or your grandparents? It’s time to find out!

From baby boomers to the millennials, we’ve delved into the minds of consumers across the country to find out how attitudes to debt have changed over the years. Read the results of the survey – and add your own two-penneth, by getting involved and answering the questions too!

Fill in the survey here

Did you know that the majority of 35-44 year olds check their bank balance weekly, compared to those aged 25-34 who check it daily?

Perhaps this is due to younger people more likely to have smart phones, and therefore online banking tools? This makes it very easy for individuals to check their balance quickly and effectively.

There are online digital assistants out there that can connect through your Facebook messenger and talk you through your finances and spending habits as well as being able to give you a quick overview of your account balances.

What is your attitude to owing money to others?

Depending on what individuals class as ‘owing’ money will influence what your thoughts are on this question.

For example, do you class a student loan as a negative thing? Do you class a mortgage as a negative thing – or are they just parts of life?

If you were in financial difficulty and needed help, who would you turn to first?

Lots of clients who contact us feel embarrassed and ashamed, and plenty of them haven’t even told their parents. Being in debt can be a scary thing so we want to make it as easy as possible for clients to reach out to us.

If you’d like to fill out the survey, and give us your opinion then please do fill it out!

Majority of 35-44 year olds check their bank balance weekly, compared to 25-34 year olds who check it daily
25-34 year olds would turn to family and friends first if they were in financial difficulty, whereas 35-54 year olds would turn to a CAB or free provider first
43% of 25-34 year olds would turn to their friends and family first if they were in financial difficulty, compared to 75% of 55-64 year olds who would turn to a CAB or free provider first
Over 50% of all respondents know to the pound how much they owe on credit cards, store cards, loans etc.
37% of those aged 35-44 say they avoid taking credit out at all costs, compared to 20% of those aged 25-34
70% of people surveyed said they would give up trips out such as going to the cinema over buying new clothes if they needed to cut back on spending.
76% of 25-34 year olds surveyed HAVEN’T taken out a new loan to maintain payments on an existing loan, however only 54% of those aged 35-44 haven’t, meaning 46% of them have had to take out a loan.