Younger millennials are more savvy with their money and are more likely to have lower monthly outgoings in their household.
A poll of 2,000 adults revealed that those aged 25-34 were almost twice as interested in making these changes than Gen Z adults 18-24.
They’re also most likely to have a smart meter in their home to monitor energy usage in near-real time, while 12 per cent have worked from the office when they didn’t have to in order to save cash.
Those in this age group are also most willing to try new ways to save money in 2023 – 78 per cent compared to just 49 per cent of adults younger than them.
25-34-year olds are also cutting back on their time at the gym and batch cooking meals to make the most out of the oven.
It also emerged saving money is the top New Year’s resolution, a reversal of 2022’s goals, when dealing with health and diet was more common than saving cash.
Up from sixth place last year, saving energy around the house is now the third most popular resolution.
But 56 per cent are expecting 2023 to be the hardest year they’ve ever faced, in terms of finances.
Victoria Bacon, for Smart Energy GB, which commissioned the research to encourage people to upgrade their traditional meter to a smart meter, said: “It’s not surprising to see young adults, and people across all age ranges, are feeling the pinch money-wise.
“As we move into the new year, money-saving remains high on the list of priorities.
“Getting a smart meter installed at no extra cost is an effective tool to manage your energy use in near-real time, as well as taking the shock out of bills and ensuring they are accurate.”
DIY gifts can help you save money
OnePoll’s study also found that 35-44 year-olds are more likely than others to have purchased clothes from a charity shop or to have started to take a packed lunch to the office.
Adults 55-64 are more likely to grow their own produce and ensure that their roofs have adequate insulation.
Other ways Brits can save money include signing-up for loyalty cards (26%), bleeding radiators (24%) and taking shorter showers (24%).
Hayley Holdsworth (27), a West Yorkshire resident and full-time student, is raising four kids. Her only income comes from Jonathan, her husband, who is a sign writer.
She uses cashback sites for everything purchased online to maximise benefits and says not to knock supermarket own-brand products until you’ve tried them.
Hayley said: “Christmas and birthdays can be a real stress when you’re struggling financially.
“Making your own homemade gifts not only saves you cash but is a thoughtful gift your family or friends are sure to appreciate – I like to make Christmas cakes and fudge.”
Hayley’s energy knowledge includes turning down radiators in less-used rooms and keeping tabs with a smartmeter.
She added: “We have a smart meter and find it’s good for seeing exactly when you’ve remembered to use the eco-settings on your appliances – you can really see the difference.
“We’ve had ours about two years now, and it gives you an incentive to remember to use eco-settings and it also helps remind you not to leave things on standby.
“We’d always look to have one, if we moved it would be a priority – and as the children get older it’s only going to get more and more expensive.”
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