Changing times: Money value differs in various age groups
London (ask4loan) 18th July, 2007: With millions of Britons struggling to add on to their savings, recent figures from a financial service provider shows that consumers below 25 years of age are more liable to spend freely and won't think twice about spending £12 on a round of drinks with friends, whereas, the older generation will most likely think it to be a rip-off.
The difference in opinion might just be because of the fact that the older generation has seen immense fluctuations in the inflation rates. Most of their money was spent before the introduction of the decimal system. Different attitude to money will certainly reflect onto the personal finance of the family and most importantly, the family budget.
The younger generations spending habits coupled with their disregard for retirement savings could mean big disaster in a couple of years. To add proof to this analysis is a recent research conducted in June by National Savings & Investments whereby a third of UK consumers spend their cash without bothering about long-term financial impact.