Research shows young adults are grappling with financial stress as January hits
London: Young folks are really feeling the pinch this January. New research shows that for those under 25, cash flow is at its lowest point by the 15th. Many are turning to credit cards when their paychecks run dry, with 40% relying on them. Plus, 38% have less than a week’s salary left to get by.
But it’s not all doom and gloom. A lot of young Brits, about 39%, are keen to save better this year. They’re looking to older generations for budgeting advice, with 75% wanting tips from those who’ve been around the block. They appreciate the wisdom that comes with experience, especially when it comes to saving and budgeting.
Interestingly, over a third of older folks suggest being mindful of who you hang out with. Some even say to find a partner who’s better at managing money than you are. It’s all about surrounding yourself with the right influences!
HONOR, a global tech brand, just released this research to coincide with the launch of their new HONOR Magic7 Lite smartphone. Bond Zhang, the CEO, pointed out that January can be tough on budgets. With many young people wanting to cut back on tech spending, they’re excited to introduce this affordable device.
The HONOR Magic7 Lite is designed to deliver high performance without breaking the bank. To help young adults connect with savvy older generations, HONOR gathered budgeting tips from over 6,000 European grandparents. They’ve got some solid advice for saving money.
Some of the top tips include saving when you have money, keeping your eye on what you really want, and always reading your bank statements. They also suggest shopping around before making a purchase and being patient with delivery options.
This financial struggle isn’t just a UK issue. People in Italy, Spain, and Portugal are feeling the same crunch, while those in France and Germany manage to hold out a bit longer before running low on funds.
The HONOR Magic7 Lite is packed with AI features, durability, a great camera, and a long-lasting battery. It’s perfect for anyone looking to be smart with their money. Check it out at HONOR’s website!
