Gen Z more likely to set a budget than baby boomer generation, bank finds

More than two-thirds of 18 to 24-year-olds create a budget for their finances, compared with less than half of over-65s, a bank has found.

Some 69% of the Gen Z age group said they set a budget for themselves, compared with 42% of baby boomers, according to NatWest’s savings index.

Nearly three-quarters (74%) of 18 to 24-year-olds said they have tried out social media-driven challenges to boost 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 out a budgeting technique involving percentages of people’s available money being divided up into wants, needs and savings.

More than a fifth (21%) have tried “no impulse” purchases, as they seek to boost their overall savings.

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

On average, savers are putting away around £203 per month but think they should be putting away about £266.

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