How millennials can save money quickly

At one point or another, we’ve all been there, done it and got the t-shirt. Almost one third of all Brits – but a whopping 45% of millennials – have unused and unwanted subscriptions, policies and memberships.  And it’s hurting them.

Millennials pay £232 a year in various subscriptions, with 70% admitting that it directly affects their finances, compared to 58% of all Brits. One in ten millennials (12%) is overdrawn as a result, and 24% haven’t been able to save as much as they’d like. Unsurprisingly, according to the Marcus by Goldman Sachs survey, millennials feel annoyed (55%), frustrated (40%) or simply regretful (23%).

The older we are, the wiser we get. We figure out how to cancel unwanted and unused policies, subscriptions and memberships. For those between 35 and 54 years, 30% waste £54 a year, but for over 55s, only 16% waste £7 a year. On average, 29% of all Brits miss out on £120 a year.

Forgetfulness, at 61%, is the major culprit for not cancelling. Confusing cancellation processes (30%) and laziness (22%) are also reasons. Of the people surveyed, 28% claim they need more admin time to sort these kinds of things out, and 50% claim that simpler cancellation processes would encourage them to end these unwanted memberships and subscriptions.

Online subscriptions are the most common unread, unwanted and forgotten financial drains at 32%. Gym membership is the second most common at 26% and magazines subscriptions at 20% are the third.

Stash your cash and look after your future. Find yourself a DIY investment platform or robo adviser and get saving now.

Photo by Helena Lopes on Unsplash

Article is accurate at date of writing.