Despite Being Hit Hardest By The Pandemic, Gen Z Are Officially The Best Savers

Despite being hit hardest by the pandemic, members of Gen Z and millennials are the UK's best savers, new research has found.

According to the study by Clearplay, 68% of Gen Z and 61% of millennials actually budget and save more responsibly than their older counterparts.

The research shuts down once and for all the inaccurate cliché that young people are irresponsible with their money. Remember when a millionaire recommended that millennials should stop spending money on avocado toast in order to save for a flat deposit?

In a similarly basic and reductive way, young people have also been criticised for supposedly spending too much money on cappuccinos, something that we all know is a myth.

Of course, TikTok has already demonstrated just how savvy Gen Z can be with their money. The app's #CheapestThing trend is all about acquiring a slice of designer luxury on a tight budget.

The research also found that three times as many young people (59%) use online apps to invest their money than older generations (19%). Young people also more likely to use contactless – definitely the safest method of making a payment during the pandemic.

This commitment to saving is especially impressive given that young people's employment prospects were hit hardest by the pandemic, with 11% of Gen Z and 4% of millennials losing their jobs.

"There are often misperceptions that young people are bad at saving and investing their money," said Damian Kassabgi of Clearplay. "However our research has shown that they are actually more cautious than many of their older counterparts and more committed to responsible spending."

To find out how a range of Gen Z and millennial women are spending their money each week, check out Refinery29's super-popular Money Diaries series. You can also check out our recent feature on 13 ways of tricking yourself into saving money.