Households using digital tools to battle cost of living crisis
GEN Z are the most “financially savvy” generation – as they are more likely to pay into multiple pension schemes or bump up their monthly savings when they get a pay rise.
But the poll of 2,000 adults found millennials – those born between 1981 to 1996 – are most likely to regularly monitor their credit score or overpay their mortgage when they get more cash.
However, all generations are embracing digital tools to help navigate the rising cost of living, with three-quarters claiming digital tools have helped them keep tabs on their finances.
And 22% are using financial apps more than a year ago.
But while Gen Z are the most likely to review what is coming in and going out multiple times a day online, a quarter of Gen X – those aged between 43 and 58 – are keeping on top of their finances at least once a day.
While Boomers – those born between 1946 and 1964 – are the most vigilant generation when it comes to ensuring they are getting the best rates available for their savings.
The research was commissioned by Santander to highlight its financial support tools, the Financial Health Check and Budget Calculator.
Josie Clapham, director at the centre of excellence for financial support at the bank, which has seen a surge in online support page visits by 48% year on year, said: “At a time when keeping on top of your finances is more important than ever before, it’s encouraging to see people from all age groups finding new ways to make the most of their money; from regularly checking their balances, to searching for the best deals and using the power of digital tools.”
“We know talking about your finances isn’t always easy, but being proactive and getting in touch early with your bank can make a real difference to the outcome.
“There’s lots of support available online, in our branches and via our dedicated financial support teams to help our customers.”
Across all age groups, 85% of adults feel it has never been more important to be financially savvy due to the rising cost of living.
And 44% have three or more financial apps downloaded on their smartphone.
But it’s not just digital ways Brits are trying to keep on top of their money or save cash, as 23% are haggling more than they did before the cost of living crisis.
Items like clothes and car insurance are among the top items people are bartering more for, while one respondent even claimed they’re negotiating the price of entry to nightclubs now.
When it comes to eating out, those in London were 32% more likely to negotiate prices than those in the North East, who were the least likely to.
However, while many are taking more care than ever over their expenditure one in five admit they have still fallen for common financial faux pas, the OnePoll.com data found.
Many admitted to making too many impulse purchases, letting annual repayments renew without searching for better prices, and forgetting to cancel unused subscriptions.
Josie Clapham added: “The cost of living is affecting everyone, regardless of age, and digital tools have given people the ability to find support from the comfort of their own homes.
“More than 35,000 people have used our free financial health check and budgeting tools since their launch earlier this year to help keep on top of their finances.”
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk