A new quiz shows your money personality type as 95% of Gen Z find savvy ways to save without giving up life’s little luxuries, with some making £184 from reselling apps
What is your treat personality? A new quiz will reveal whether you’re a ‘Carefree Treat King or Queen’, or a ‘The Savvy Legend’. It follows a survey of 1,000 18–29-year-olds which found 95% are discovering clever methods to save money – without sacrificing life’s small pleasures.
The study revealed 28% who are using resale apps to generate income from unwanted items have earned an average of £184 over the past year, while 46% have chosen the ’round up’ feature on their banking apps – rounding each transaction up to the nearest pound and depositing the difference into savings – to save extra cash.
Furthermore, a third (33%) are maximising Lifetime ISA accounts to buy their first property or contribute towards their pension – securing 25% of their savings free from the government.
Rajan Lakhani at Plum, which commissioned the research, said: “Gen Z has completely redefined what ‘treating yourself’ looks like. Rather than reckless spending, we’re seeing a generation that plans ahead, hunts for value and uses smart saving tactics so they can still enjoy life’s little luxuries.
“Whether that’s a great coffee, a meal out with friends or the occasional fashion splurge, without compromising their financial security.”
Are you the type to grab a pick-me-up any time the day goes a bit ‘meh’? Find out with this new quiz.
The research found 23% of Gen Z indulge themselves with these ‘little luxuries’ on a weekly basis, as 29% claim it helps ‘keep them going’.
Over the past year, 58% believe their general spending habits have altered, with the majority attributing it to the cost of living. However, 35% say it is due to better planning and 32% have improved their financial awareness.
When seeking money advice, 44% typically turn to friends and family, 25% use money apps, while 31% prefer social media. Some 24% believe YouTube and Instagram is the key reason their generation is more financially savvy.
Meanwhile 22% reckon it’s due to learning from previous generations’ financial mistakes and growing up during economic uncertainty (23%).
Plum’s Rajan Lakhani added: “Gen Z are often misunderstood when it comes to money, but the reality is they’re one of the most financially aware generations. The ‘avocado on toast’ jibe is truly unfair and incorrect.
“Growing up against a backdrop of economic uncertainty has made many of them cautious, informed and far more proactive about managing their finances from an early age.
“Traditional ideas of wealth seem increasingly inaccessible so they’re more focused on control and flexibility – where budgeting, saving and tracking spending are second nature.”