Voice of the Employee

A recent nationwide survey found that 60% of millennials felt jealous of older generations when it comes to finance and housing.  The research carried out by Provident revealed how spending habits have changed over the decades.

The data reveals:

  • 1 in 4 millennials think the older generation had more secure jobs
  • Over half of millennials believe their parents found it easier than them to get on the property ladder
  • 49% of millennials don’t have a mortgage compared to 29% of 18-34 year olds from 60s-70s
  • 30% of over 55’s said when they were 18-34 most of their disposable income went on their family

When comparing the spending habits of the different generations, Provident found out that people aged 55+ used to spend most of their disposable income on their family when they were 18-34 years old, whereas Millennials are now spending the most on food, whether it is dining out or cooking. They are also the age group spending the most on self-preservation – including new clothes, beauty products and haircuts. However, it is to be noted that the Millennials are more generous than the older generation; they spend £139 on average on gifts against £90 by the older generation.

When questioned about jobs the results were shocking – 71% of respondents aged 55+ claimed that their job was for life – opposed to only 34% of Millennials who believe so today. But job insecurity is not stopping them from holidaying 2 to 3 times a year (63% of 55+ used to holiday only once a year at the ages of 18-34).

Let us not forget dating: romantic gestures are not a must for Millennials as they are one of the age groups who spend the least on gifts and date activities, during the first month of seeing someone. The winners of this category are the 35-44 years old who – when they were 18-34 – used to spend the most on chocolates, flowers, restaurant dates and on themselves (personal grooming) before the date; the dating budget for them in total would be £121.10 on average!

Was life easier in general? How much was a loaf of bread? A bus pass? How much was a house worth and how old were you when you bought it? With these questions in mind, Provident is taking you on a walk down memory lane and putting you in the shoes of Brits, 20, 30 or 40 years ago…

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