Young people are facing some of their biggest financial challenges yet this month, according to new research. With cash flow dwindling to its lowest point for Under 25s on 15th January – two days ahead of the UK average – young adults are facing a number of triggers that add to their money worries including having to use a credit card when their monthly salary runs out (40%) and having less than one week’s worth of salary remaining (38%).
But being better at saving regularly is a top 2025 financial resolution for 39% of young British adults, with 75% wanting to receive advice from older generations for budgeting wisdom, citing their understanding of saving and budgeting (31%) and a wealth of life experience (28%) as reasons why they would appreciate money saving tips from their elders.
In addition, over a third (33%) of older generations advise that people need to think carefully about the friends and loved ones they spend time with, with more than one in 10 advising to find a partner in life that is better at managing money than you think you are!
New research from global tech brand HONOR revealed the findings, released today to mark the launch of the HONOR Magic7 Lite, a feature-packed, wallet-friendly smartphone.
Bond Zhang, CEO at HONOR UK&Iadded: “Our research has shown that January is a real strain on people’s budgets, and with 19% of young people hoping to spend less on technology, we are delighted to be launching the HONOR Magic7 Lite handset.
“This AI-powered, wallet-friendly device, part of the Magic7 Series, proves that high-end performance doesn’t need to break the bank.”
To connect young adults with this spend savvy older generation, HONOR has sourced budgeting tips from over 6,000 European pensioners and grandparents to coincide with the launch of the feature-packed, value-focused HONOR Magic7 Lite. A phone for the financially smart, whatever their age. With top tips including:
- Save when you HAVE money:Just because you have the money doesn’t mean you should spend the money (62%)
- Keep your eye on the prize:Saving for something you really want, and need, is always worth it (60%)
- Read the detail:Always read your bank statements – however boring you think that may be (55%),
- Expensive doesn’t automatically mean quality:Always shop around before you buy something (55%) and don’t always assume expensive is better
- Be patient:Don’t pay for next day delivery unless you ‘really’ can’t wait (46%).
The purse pinch isn’t just limited to the UK – with the survey finding those in Italy, Spain and Portugal, feeling they will most likely have run out of money at the same time, while France and Germany last a little longer, tipping into the red from 22nd January.
The HONOR Magic7 Lite handset, part of the Magic7 Series, comes with a host of AI features, extreme durability, excellent camera, long battery and elegant design. Find out more at https://www.honor.com/uk/