HALF of Young Brits Have Missed a Meal because they’re Hard Up

YOUNG Brits are feeling the financial pinch and forgoing food due to lack of money, according to new research.

Half of 25 – 34 year olds (48%) have confessed to missing a meal because money is too tight, whilst almost two thirds (64%) have given up, or cut down, on things they enjoy due to financial misfortunes. However, it’s not just the younger generation feeling the pinch of the purse strings. The research which was conducted by MoneyExpert.com, found that a quarter of the nation (24%) are financially worse off than they were just two years ago.

In a bid to save a few pennies, Brits are shunning personal treats and expenses such as clothes shopping (34%), meals out (40%), TV subscriptions (15%) and even holidays (35%). Whilst almost a quarter (24%) have needed to walk to work, or their place of study in order to save money.

Perhaps this is due to the struggles we face when saving. Over a fifth of Brits (22%) do not put any money aside for savings and for those that do, the average Brit saves just £891 a year. However, it’s the younger generation who are managing to put money aside for a rainy day. Three fifths (60%) of 18 – 24 year olds are saving each month, compared to 52% of those aged 45 – 54.

However, when it comes to the gender divide, women are suffering financially more so than men. Just over a quarter of women (28%) would describe themselves as being financially better off than two years ago, compared to two fifths of men (40%).

On top of this, men are saving almost double what women put away. With the average male Brit saving £1,144 compared to the average woman who is saving just £647.

Jason Smith, Savings Guru at MoneyExpert.com said: “It’s shocking to see that the younger generations are skipping mealtimes just to make ends meet. This coupled with a quarter of the nation being worse off financially shows it really is time to delve into your finances and see where you can start saving money.”

MoneyExpert.com is one of the UK’s leading comparison sites, working for customers to make sure they get the best deals on a wide range of financial products, from loans to car insurance. For money saving tips, hints and how much you can save visit https://www.moneyexpert.com/savings/half-young-brits-missed-meal/.

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