63% of young adults ‘would consider revenge saving or other savings challenges’

Nearly two-thirds (62%) of 25 to 34-year-olds would consider social media savings trends such as revenge saving, “no-spend” periods and envelope challenges, a survey has found.

Revenge saving involves people ramping up the amounts of money they are putting away to have more financial security, sometimes in response to previously over-spending.

Savings challenges may also involve people putting cash into envelopes to build an emergency fund over a number of days, while no-spend challenges often involve people abstaining from any non-essential spending for a short period, such as a day of the week.

The research, published by Nationwide Building Society, also found that across all age groups, men are hoping to save £9,360 next year, while women hope to put £5,826 aside typically.

Younger adults aged 25 to 34 were the most ambitious in their saving goals, hoping to save an average of £14,912.

When people were asked who the best at saving is, people were most likely to say their partner, followed by “mum”.

Emergency funds, holidays and retirement were among the top reasons for people wanting to save next year.

Richard Stocker, head of savings at Nationwide, suggested people start early and save regularly to build a savings habit.

Online budget calculators and bank account switching offers can also help, he added.

The Society also suggested that people do their research and check to make sure that sources of information are trusted.

Censuswide carried out the survey among more than 2,000 people across the UK in December.