Half of young Brits worry about money most of the time

It seems the impact of the financial downturn on Millennials is causing sleepless nights, according to new research.

Research from Mintel reveals that half (51%) of UK consumers born between 1980 and 1999 worry about money most of the time, rising to almost three in five (58%) women.

Just 30% agree they are comfortable using credit to pay for things that they couldn’t otherwise afford.

This conservative stance on debt is coupled with a negative outlook for their generation’s future with over half (57%) thinking that their generation is or will be worse off financially than previous generations.

Over half (55%) say it’s unrealistic for someone of their age to expect to retire before the age of 65.

Chryso Kolakkides, Senior Financial Services Analyst at Mintel, said: Although the UK economy is gaining steam and youth unemployment continues to fall, many Millennials still feel disadvantaged, particularly those who entered the workforce when things were at their worst.

“Millennials who already began their careers with depressed salaries during the periods of economic turmoil can find it difficult to climb the ladder. At the same time, many have seen their families struggle with their finances, or have experienced economic hardship first-hand, giving them a better appreciation of the importance of sound money management.