A new study of millennials, by Ferratum UK, reveals key information about how they spend and borrow money at Christmas and for events, and how comfortable they are speaking about finances.
- 1 in 4 millennials would cancel Christmas this year to clear all their debt.
- 37% would borrow money to avoid missing an event they really wanted to go to.
As a fellow millennial, I know how tough Christmas can be from a personal finance standpoint. After receiving gifts in our youth, we tend to want to give back to those we love and give them the presents we think they deserve. However, its key that we prioritise ourselves financially and with the right communication our loved ones should understand.
Talking about finances
- 42% of millennials have hidden debt from their partner, friends, or family.
- 35% were worried that their partner, friends, or family would find out about their debt.
- 41% felt comfortable asking for financial help or support online while 55% would be comfortable to seek mental health support online.
After speaking at countless events about money management, I found the best way for people to open up about their money situation was to talk about mine first. It’s so vital that we don’t play the “A grade student” facade and pretend we are better off than we are. We have to continuously have the uncomfortable conversations in the hope that we turn our financial losses into financial lessons.
- 1 in 3 millennials would borrow money to avoid FOMO (Fear of Missing Out).
- 37% would borrow money to avoid missing an event they really wanted to go to. Breaking this down, 41% of 18-24-year-olds said they would, compared to 35% of 25-34-year-olds.
Social peer pressure can occur in all age groups and this statistic proves this. On our Twitter, we always encourage people to say no to meetups if it means it goes past their budget. The more open we all become with using the term “it’s not in my budget”, the easier it will become for everyone to own their truth when it comes to their money.
Details of the study
1,000 respondents, spread across the United Kingdom, were asked 18 questions relating to their spending and borrowing habits. All the respondents were millennials and were evenly spread between the ages of 18 and 34.
For more information, click here.