New research claims that the myth of millennials not being able to put down a deposit on a house because they’re spending all their money on coffee shop coffees and avocado toast is just that, a myth. Research carried out into Britain’s spending habits on behalf of car company Dacia UK found that those aged 18 to 34, who are often maligned as being frivolous spendthrifts, are actually more cost conscious than their older counterparts.
The younger age group spend around £5.50 per week on coffee, which works out at approximately two cups, while those in the older 35 to 44 age group spend almost a pound more at £6.43. When buying lunches, takeaway food and hot and cold drinks, the older age group spend about £140 annually compared to the younger group. Most of the younger generation aren’t spending their hard-earned cash on avocado toast, either – over half the respondents said they ‘often’ or ‘always’ took their own lunch to work.
It makes sense that the older age group are happier to spend their cash, as they tend to be in better-paying jobs than their younger counterparts and are still moving up the career ladder. Once retirement is reached, though, people seem to be holding onto their money again. The over 55 age group spent less than the other two groups, with an average of £4.14 a week on coffee and around another £15 on other drinks, takeaway food and lunch, making them the most cost conscious.
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