Young Yorkshire and the Humber residents are feeling the financial pinch and forgoing food due to lack of money, according to new research.
Under a fifths of 18 – 24 year olds (17%) have confessed to missing a meal because money is too tight, whilst half (50%) have given up, or cut down, on things they enjoy due to financial misfortunes.
However, it’s not just the younger generation feeling the pinch of the purse strings.
The research which was conducted by MoneyExpert.com, found that almost a third of Yorkshire and the Humber Residents (31%) are financially worse off than they were just two years ago.
In a bid to save a few pennies, Yorkshire and the Humber residents are shunning personal treats and expenses such as clothes shopping (45%), meals out (42%), TV subscriptions (16%) and even holidays (36%).
Whilst a quarter (25%) have needed to walk to work, or their place of study in order to save money.
Perhaps this is due to the struggles we face when saving. Under a fifth of Yorkshire and the Humber Residents (25%) do not put any money aside for savings and for those that do, the average Yorkshire and the Humber resident saves just £408 a year.
However, it’s the younger generation who are managing to put money aside for a rainy day. Over two thirds (67%) of 25 – 34 year olds are saving each month, compared to 40% of those aged 45 – 54.
Jason Smith, Savings Guru at MoneyExpert.com said: “It’s shocking to see that the younger generations are skipping mealtimes just to make ends meet. This coupled with a quarter of the nation being worse off financially shows it really is time to delve into your finances and see where you can start saving money.”
MoneyExpert.com is one of the UK’s leading comparison sites, working for customers to make sure they get the best deals on a wide range of financial products, from loans to car insurance. For money saving tips, hints and how much you can save visit https://www.moneyexpert.com/savings/half-young-brits-missed-meal/.