More than four in five adults (85%) feel the cost-of-living crisis has made it more important than ever to be financially savvy – with Gen Z seen as the generation that are most on top of their finances, a study has found.
The younger generation, of adults aged up to 26, are more likely to go online multiple times a day to check on their incomings and outgoings, and will use any pay rises to increase their savings pot.
Comparatively, Gen X – those aged 43-58 – will only review their finances once a day.
And millennials, born between 1981 to 1996, are more likely to keep track of their credit score, and use any pay increases to pay off more of their mortgage.
But when it comes to savings, the generation most likely to ensure they get the best available savings rates are Boomers, aged 60-77.
However, the poll of 2,000 adults found that across all ages, 22% are using more financial apps now compared to a year ago – with 44% having three or more such apps downloaded on their phones.
Three in four of those polled claim that digital tools help them to keep tabs on their finances amid the cost-of-living crisis.
The research was commissioned by Santander to highlight its financial support tools, the Financial Health Check and Budget Calculator.
Josie Clapham, director at the centre of excellence for financial support at the bank – which has seen a surge in online support page visits by 48% year on year – said: “At a time when keeping on top of your finances is more important than ever before, it’s encouraging to see people from all age groups finding new ways to make the most of their money – from regularly checking their balances, to searching for the best deals and using the power of digital tools.
“We know talking about your finances isn’t always easy, but being proactive and getting in touch early with your bank can make a real difference to the outcome.
“There’s lots of support available online, in our branches, and via our dedicated financial support teams to help our customers.”
The research also found that it is not just digital ways Brits are trying to keep on top of their money or save cash – as 23% are haggling more than they did before the cost-of-living crisis.
Items like clothes and car insurance are among the top items people are bartering more for – while one respondent even claimed they’re negotiating the price of entry to nightclubs now.
When it comes to eating out, those in London were 32% more likely to negotiate prices than those in the North East, who were the least likely to.
However, while many are taking more care than ever over their expenditure, one in five admit they have still fallen for common financial faux pas, the OnePoll.com data found.
Many admitted to making too many impulse purchases, letting annual repayments renew without searching for better prices, and forgetting to cancel unused subscriptions.
Josie Clapham added: “The cost of living is affecting everyone, regardless of age, and digital tools have given people the ability to find support from the comfort of their own homes.
“More than 35,000 people have used our free financial health check and budgeting tools since their launch earlier this year, to help keep on top of their finances.”
