When it comes to being good at spending, youngsters in their 20s tend to suffer the worst reputation. After all, this is the age where expensive garments and night-outs are high on the agenda.
Youngsters’ incomes are generally low. They just start their careers and they might still be repaying college debts. They also go away from home for further studies or job and have to pay their bills and rents, but it is not this age group that is struggling with this problem. Let’s take a look at how different generations manage their budget.
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If you’re in your 20s
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According to the recent survey, it was found that 50% of those in their 20s admitted that they run out of money before the end of the month at least once during a year, while 11% of youngsters said they are running out of money every single month because of high spending. More than 68% of youngsters say that if they do have money left at the end of the month, they will save it but can’t sue to over spending.
If you’re in your 30s and 40s
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The survey showed that, despite having more experience, by the time you reach your 30s and 40s, your money management ability will get worse. Research showed that 58% of people in their 30 and 40 age run out of money before the end of the month at least twice in a year. And 10% of those in their 30 and 40 said they run out of money every month because of high spending. There is no such solution for this problem but keeping a close eye on your budgeting and expenses can help.
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If you’re in your 50s and 60s
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According to the research, cash management skills appear to have improved by the time they reach the 50s and 60s. The research revealed that more than half of those in their 50 never ran out of money at the end of the month the whole year and this figure was even higher for those in their 60- something age, but not everyone in this age group is a perfect budget. Research shows that 20% of those in their 50-something and 14% of those in the 60s, still run out of money by the end of the month at least twice in a year because of over spending. To avoid this problem it is necessary to keep monitoring your bank account regularly.
If you’re between 70 and 75
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Hit from all sides with dwindling value of pension pots, poor saving rates, and high bills, the 70-75 year age group seems to be struggling with their finances, but according to research, this age group has the best money–management skills. Your attitude toward money affects your motivations and emotions and this helps in their spending well.
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