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Generation Z is more likely to set a budget than the baby boomer generation, according to research by a bank

Generation Z is more likely to set a budget than the baby boomer generation, according to research by a bank

Research by a bank has found that more than two-thirds of 18- to 24-year-olds budget their finances, compared to less than half of those over 65.

According to NatWest’s Savings Index, 69% of Gen Zers said they budget for themselves, compared to 42% of Baby Boomers.

Nearly three quarters (74%) of 18- to 24-year-olds said they have tried social media challenges to increase their overall savings.

Nearly a fifth (18%) of 18- to 24-year-olds said they take part in ‘no spend months’ and 17% have tried a budgeting technique that sees a percentage of people’s disposable income allocated between wants, needs and savings.

More than a fifth (21%) have tried to avoid making ‘impulse purchases’ in a bid to increase their overall savings.

The index, based on a OnePoll survey of 10,000 people in the UK, found that 22% of adults nationally save less than £50 a month.

On average, savers save around £203 a month, but they think they should actually be putting aside £266.

Lewis Broadie, a savings expert at NatWest, said: “The findings highlight the need for more financial education and accessible tools to support people in managing their budgets effectively and getting practical support to achieve their savings goals.”

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