Younger millennials are savviest with their cash new study shows

A poll of 2,000 adults found that those aged 25-34 are almost twice as keen to make changes to reduce their monthly outgoings compared to Gen Z adults aged 18-24.

They’re also most likely to have a smart meter in their home to monitor energy usage in near-real time, while 12 per cent have worked from the office when they didn’t have to in order to save cash.

Those in this age group are also most willing to try new ways to save money in 2023 – 78 per cent compared to just 49 per cent of adults younger than them.

Showering at the gym and batch-cooking meals to make the most of the oven being on are other ways 25-34-year-olds are cutting back.

It also emerged saving money is the top New Year’s resolution, a reversal of 2022’s goals, when dealing with health and diet was more common than saving cash.

Saving energy around the home is now the third-most selected resolution, up from sixth place a year ago.

But 56 per cent are expecting 2023 to be the hardest year they’ve ever faced, in terms of finances.

Victoria Bacon, for Smart Energy GB, which commissioned the research to encourage people to upgrade their traditional meter to a smart meter, said: “It’s not surprising to see young adults, and people across all age ranges, are feeling the pinch money-wise.

“As we move into the new year, money-saving remains high on the list of priorities.

“Getting a smart meter installed at no extra cost is an effective tool to manage your energy use in near-real time, as well as taking the shock out of bills and ensuring they are accurate.”

The study, conducted via OnePoll, also found 35-44-year-olds are most likely to have started taking in a packed lunch to work, and have bought clothes from a charity shop.

But adults aged 55-64 most commonly grow their own produce, and make sure their roofs are properly insulated.

Other common ways Brits have saved money include signing up for a loyalty card (26 per cent), bleeding radiators to make them more efficient (24 per cent) and taking shorter showers (24 per cent).

Hayley Holdsworth, 27, a full-time student from West Yorkshire, is raising four children and has only one income coming in, that of her husband Jonathan, a sign writer.

She uses cashback sites for everything purchased online to maximise benefits and says not to knock supermarket own-brand products until you’ve tried them.

Hayley said: “Christmas and birthdays can be a real stress when you’re struggling financially.

“Making your own homemade gifts not only saves you cash but is a thoughtful gift your family or friends are sure to appreciate - I like to make Christmas cakes and fudge."

When it comes to energy, Hayley turns radiators down in little-used rooms and keeps tabs through a smart meter.

She added: “We have a smart meter and find it’s good for seeing exactly when you’ve remembered to use the eco-settings on your appliances - you can really see the difference.

“We’ve had ours about two years now, and it gives you an incentive to remember to use eco-settings and it also helps remind you not to leave things on standby.

“We’d always look to have one, if we moved it would be a priority – and as the children get older it’s only going to get more and more expensive.”