Seven out of 10 young adults are regularly putting money aside, with almost £174 a month being saved on average.
The numbers come from smartphone-based banking service Revolut who analysed data relating to its 3 million EU customers and seem to prove that they’re not the flat-white buying wasters that some may believe.
It found that 64% of European millennials are saving money on either a weekly or monthly basis rising to 69% for those in the UK.
In the UK they were saving an average of £173.94 a month, but in London Revolut’s customers save an average of £254.95 a month, compared with £162.65 for those in Edinburgh, £161.26 in Manchester, and £121.53 in Glasgow. The London figure is likely to be influenced by several factors, including higher earnings and high house prices.
When it comes to other European cities, the London figure dwarfs Paris and Dublin: £114.68 and £115.02 respectively. However, Berliners are just ahead at £257.12.
Of course, we have to take these numbers with a pinch of salt, the findings are a reflection of one financial company’s customers and how they are saving. But it’s arguably a lot better than your standard survey of 2,000 people the database was 2.8 million customers
The effects of the financial crisis are still being felt across the UK
A new report by the Resolution Foundation warns that young British workers are still scarred by the financial crisis of a decade ago.
It finds people who started work in 2009 had lower average earnings nine years later than those who left school or university in 1995 did at the same point in their careers.
Meanwhile, the challenges and burdens facing the millennial generation were laid bare by a major report issued by the UK’s Financial Conduct Authority earlier this month. It said people in this age group:
“face a series of difficulties in building wealth … due to the combined impact of rising house prices, insecure employment and higher debt, including student debt”.
Jobs are up…
A survey by the Chartered Institute of Personnel and Development has found the British employment boom shows little sign of fading as:
A higher proportion of businesses said that they planned to increase staff levels compared with three months ago.
Confidence was highest in business services, construction, healthcare and information technology.
Demand for staff is creating recruitment and retention challenges. Two in five employers in the survey said it’s been harder to keep staff in the past 12 months, particularly in the public sector. More than half of employers said they had increased starting salaries for at least a minority of vacancies and one in four have increased salaries for the majority of vacancies in response to recruitment pressures.
… But investment is down
The relatively optimistic picture painted by the CIPD research contrasts with the Bank of England’s forecasts last week which showed that
The UK is heading for the longest run of falling investment since the Second World War. It has already declined for four quarters in a row.
A separate survey by BDO, the accountancy firm, found business confidence in April remained at its lowest level since 2012.
The accountancy firm’s optimism index, which measures companies’ expectations for growth over the next six months, fell to 95.74 points last month, down from 96.1 points in March and from 99.79 points in February.
Currency
The pound is trading at 1.3 against the dollar and 1.16 to the Euro this morning.
After five consecutive days of losses against the Euro last week, it ended over 1.5% lower.
Near-term momentum now appears to favour the Euro.
Stocks
In stock news, our Monday morning ‘one to watch’ is Uber.
Uber shares slid to close 7.6% down on their first day of trading on Friday, as the highly anticipated share market listing failed to win over investors.
It’ll be interesting to see what happens by the close of the markets today.
Submitted Article
Headline
Short Headline
Standfirst
Published Article
HeadlineThe Monday Millennial Money Update
Short HeadlineThe weekly Monday Money update
StandfirstGiving you the highlights of the business and money news from across the UK
Savings up, flat-white’s down.
Seven out of 10 young adults are regularly putting money aside, with almost £174 a month being saved on average.
The numbers come from smartphone-based banking service Revolut who analysed data relating to its 3 million EU customers and seem to prove that they’re not the flat-white buying wasters that some may believe.
It found that 64% of European millennials are saving money on either a weekly or monthly basis rising to 69% for those in the UK.
In the UK they were saving an average of £173.94 a month, but in London Revolut’s customers save an average of £254.95 a month, compared with £162.65 for those in Edinburgh, £161.26 in Manchester, and £121.53 in Glasgow. The London figure is likely to be influenced by several factors, including higher earnings and high house prices.
When it comes to other European cities, the London figure dwarfs Paris and Dublin: £114.68 and £115.02 respectively. However, Berliners are just ahead at £257.12.
Of course, we have to take these numbers with a pinch of salt, the findings are a reflection of one financial company’s customers and how they are saving. But it’s arguably a lot better than your standard survey of 2,000 people the database was 2.8 million customers
The effects of the financial crisis are still being felt across the UK
A new report by the Resolution Foundation warns that young British workers are still scarred by the financial crisis of a decade ago.
It finds people who started work in 2009 had lower average earnings nine years later than those who left school or university in 1995 did at the same point in their careers.
Meanwhile, the challenges and burdens facing the millennial generation were laid bare by a major report issued by the UK’s Financial Conduct Authority earlier this month. It said people in this age group:
“face a series of difficulties in building wealth … due to the combined impact of rising house prices, insecure employment and higher debt, including student debt”.
Jobs are up…
A survey by the Chartered Institute of Personnel and Development has found the British employment boom shows little sign of fading as:
A higher proportion of businesses said that they planned to increase staff levels compared with three months ago.
Confidence was highest in business services, construction, healthcare and information technology.
Demand for staff is creating recruitment and retention challenges. Two in five employers in the survey said it’s been harder to keep staff in the past 12 months, particularly in the public sector. More than half of employers said they had increased starting salaries for at least a minority of vacancies and one in four have increased salaries for the majority of vacancies in response to recruitment pressures.
… But investment is down
The relatively optimistic picture painted by the CIPD research contrasts with the Bank of England’s forecasts last week which showed that
The UK is heading for the longest run of falling investment since the Second World War. It has already declined for four quarters in a row.
A separate survey by BDO, the accountancy firm, found business confidence in April remained at its lowest level since 2012.
The accountancy firm’s optimism index, which measures companies’ expectations for growth over the next six months, fell to 95.74 points last month, down from 96.1 points in March and from 99.79 points in February.
Currency
The pound is trading at 1.3 against the dollar and 1.16 to the Euro this morning.
After five consecutive days of losses against the Euro last week, it ended over 1.5% lower.
Near-term momentum now appears to favour the Euro.
Stocks
In stock news, our Monday morning ‘one to watch’ is Uber.
Uber shares slid to close 7.6% down on their first day of trading on Friday, as the highly anticipated share market listing failed to win over investors.
It’ll be interesting to see what happens by the close of the markets today.
