Flocks of youngsters are ditching pints and nights outs en masse as the cost of living crunch sinks in.
According to PwC’s consumer risk survey, 18-34 year olds are making major cuts to consumer spending, with 69 per cent either reducing or stopping eating out, 57 per cent ditching subscriptions to their streaming/TV services, and 58 per cent sacking off holidays.
These figures are compared to only 51 per cent, 28 per cent, and 37 per cent, respectively, in the over 55 age group.
Significantly more Millennials and Gen Z (42 per cent) say they plan to ‘save money’ more in the next year, compared to 27 per cent of all adults, and 15 per cent of over 55s.
In addition, far more 18-34 year olds (38 per cent) say they plan to learn more about personal finance over the next year, compared to 25 per cent of 35-54 year olds and 13 per cent of over 55s.
“The changing concerns of the UK public over the last 12 months show how fast-moving and unpredictable risk is and how quickly it can shape people’s behaviours,” PwC partner Bobbie Ramsden-Knowles said.
“Organisations must rethink their approach to resilience to not only get ahead, but also better anticipate and adapt to the rapidly-shifting behaviours and spending habits of customers, employees and stakeholders to mitigate the impact.”
Compared to last year’s survey which was conducted while the UK was still heavily impacted by the pandemic, the public’s concerns have moved away from health to financial worries.
Over half of all respondents said that they are ‘very concerned’ about day-to-day living costs, their biggest concern, followed by a potential recession (45 per cent), climate change (44 per cent), global conflict and unrest (41 per cent), and increasing taxes (40 per cent).
Last year one of the biggest concerns was around pandemics and other health crises.