And contrary to the opinions of Boomers, Gen Z and Millennials are cutting back on their little luxuries such as eating out and streaming subscriptions, with only a small pool (9%) of them reporting these to be their most expensive outgoings each month – despite well over three quarters (83%) describing them as their most mood-boosting activities.
In fact, research shows that the generations’ highest expenditures are essentials such as bills (36%), food (27%) and rent (22%).
In response to the study, VoucherCodes has launched ‘Who Wants to be a Millennial-aire?’, a competition giving one lucky winner the chance to win one of their biggest expenses back with an entire rent-free summer.
To help promote the campaign, X-FM DJ Toby dressed up as his famous dad and held up the enormous cheque the original programme was famous for.