Saturday, March 2, 2024

Money troubles: 28% of millennials too ashamed to discuss their financial burdens amidst cost-of-living crisis

As inflation hits a 40-year high in the UK of 9.4% thanks to rising costs of food and fuel, people across the nation are struggling to make ends meet. Whilst savings rates ironically hit a decade high as the cost of living crisis spirals, new data from the UK’s most awarded personal finance startup, HyperJar, has unveiled a disparity in Brits’ feelings surrounding money between the millennials and baby boomer generations. According to their research, 28% of millennials admit to being too embarrassed to speak honestly about their finances with friends and loved ones through fear of judgement, compared to only 4% of baby boomers feeling the same way. This shocking statistic represents how the stigma around our financial situations has grown over time, becoming a sore spot of conversation and something many feel too ashamed to open up about. 

At a time when many feel uncertain about what the future holds when it comes to making ends meet, the money management app HyperJar is encouraging Brits to open up and share their financial woes by leaning on loved ones and learning to budget, save and spend together. As millennials struggle to open up, baby boomers are more concerned about their children’s financial futures, as HyperJar’s research shows that 54% of Brits over the age of 65 fear their kids will have a tougher time financially than them. 

Key Findings:

  • 54% of baby boomers are concerned their children will have a tougher time than them in the future, compared to only 37% of millennials 
  • 4% of baby boomers are too embarrassed to open up about their financial struggles, compared to 28% of millennials 
  • 32% of generation Z have lent more money to their loved ones in the past two years than ever before, compared to only 17% of generation X
  • 53% of generation X find being responsible for their family finances to be their biggest mental health strain, whilst only 16% of baby boomers feel the same 

HyperJar’s data makes it clear that the older generation’s money worries stem from providing for their families and preparing for the uncertainty surrounding the next generation’s financial stability. Whilst a number of support measures have been announced by the government, it is evident that people across the UK will still need to rely on each other in order to navigate these extremely challenging times. 

Mat Megens, CEO of HyperJar, discusses the findings from HyperJar’s latest nationally representative data: 
 “The fact that so many people now rely on friends for support is indicative of personal finances under severe strain – it’s like the Bank of Mum & Dad has been drained, so we’re now turning to the Bank of Mates.
“At a time like this, it’s important to make money a talking point rather than something to feel embarrassed about. You can develop a little bit of a support group with friends or family which can help to reduce anxiety.  
“We believe making money a topic of conversation rather than something taboo can lead to much better outcomes. Yes, that might be borrowing or lending a little between trusted friends, but it could also be an honest conversation about sharing costs for things you might not have considered before, from Sunday lunch at yours to even bigger things like Christmas.
“On a personal level, it’s just about making sure we’re doing all we can to make our money go as far as possible. There is no magic wand, unfortunately. But we can all drill down into our budgets to understand where our money is going, to save and cut costs where we can.

“Controlling the controllable is something everyone can do to get on the front foot. Nowadays, when paying is so frictionless, it’s easy to overspend because there’s less of a concrete connection with money. An understanding of what you have and where it needs to go will help make navigating this period less stressful.”

What HyperJar can do to help
Taking inspiration from the simple saving mechanism of the jam jar, HyperJar provides a visually engaging saving app that empowers users to control their expenditure and reorder how they use their money. From nurturing sensible spending habits for children, to being rewarded for committing expenditure with household name retailers with a 4.8% annual growth rate, HyperJar’s digital Jars represent an easy method for managing personal finances. 

Helping Brits get in control again, HyperJar’s simple toolkit of clever tech puts us one step ahead, one jar at a time, helping our reaction to ‘money’ transform from being a trigger of fear, to a source of feeling in charge again. Whether it’s teaching your kids to budget their pocket money, putting a collective jar together to save for your summer holiday, or keeping track of how much you spend on the weekly supermarket shop, HyperJar is here to help you use your money in smarter ways. 

About HyperJar
HyperJar’s innovative product has resulted in the company winning Startup of the Year 2022 and Personal Finance Tech of the Year 2022 at this year’s UK Fintech Awards. It also currently holds the Most Disruptive Payments Technology of the Year and Money Management App of the Year titles from the 2021 Payment Awards. They also took home ‘Best Personal Finance App’ and ‘Innovation of the Year’ at the 2022 British Bank Awards and the award for  ‘Best Payment Industry Newcomer’ at the Card & Payments Awards 2022.

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