As the UK experiences a widening generational wealth gap, research from credit comparison experts TotallyMoney, uncovers how much different generations are spending or overspending - along with some tips so you can save for that three month trip to Thailand in no time.

61% of millennials feel like they overspend on entertainment - including nights out and trips to the cinema.

Where Do Millennials Overspend?

While the average Brit puts away £183.50 into savings each month, the research revealed millennials (born between 1977 and 1995) save less at around £176 a month. Millennials are also the most likely to run out of money before payday - with 24% saying this is the case, and the majority of these blaming it on their expensive spending habits rather than an overall lack of funds.

The survey also revealed 61% of millennials feel like they overspend on entertainment - including nights out and trips to the cinema, with a further 34% believing they spend too much on eating out.

Tips and Tricks:

We’re pretty sure you’ve thought of ways to save money - but here are a few others just in case you haven’t thought about it, or that final reminder to get you started:

• Student Discount and Perks

  Some millennials can benefit from discounts in various shops and restaurants with a valid student ID. A few student bank accounts offer free railcards or interest-free credit cards, as well as a number of other incentives when you sign up.

• Calculate your expenses

  Whether it’s an app, a diary or scrap piece of paper - tracking your incoming and outgoings can really help identify where you spend unnecessarily. Try logging your main costs down and avoid impulse buys.

• Lowering the Value

  You might be used to brand names, but simple changes such as value brands can help save the pennies! Shopping in local butchers or greengrocers can help minimise the costs too - or swap your Sainsbury’s shop for an Aldi or Lidl.

• Haggle your utility bill

  Us Brits are notorious for avoiding the hassle of change, but research has found speaking to your provider may enable you to find cheaper plans or deals to cut down on your bill. We’d recommend researching other offers online in case making a switch would work better for you.

• Treat yourself...Sometimes!

  In a world where we can get anything at a touch of a button, overspending on food, transport, and online shopping has been the bane of our bank accounts. Monitor your spending, and if it makes it any easier - delete the apps from your phone if it makes it you think twice.

• Cheaper Flights

  Going on holiday doesn’t have to be expensive, with new travel sites such as Kayak, Momondo, and Skyscanner - there are deals for all destinations you’ve been dying to tick off your bucket list.

• Stop buying lunch

  We’re all guilty of this - Pret sandwiches, Costa coffees and sushi bowls from Wasabi - if you’re not careful you could spend around £10 a day on lunch, which could add up to a whopping £200 a month.

• Gym memberships

  According to studies, there’s around £37 million unused in gym memberships each year, and for many of us we sign up each year and forget to cancel them once the novelty has worn off. If you want to lose the pounds of your waist, but keep them in your pocket, sign up for a pay as you go contract or keep fit by jogging or running in your local park.

Henry Keegan from TotallyMoney commented: “Property is certainly more expensive than ever, and interest rates are notably low at the moment – both of which make it hard for younger people to be as well off as their parents or grandparents

“But there is a noticeable trend that younger people might not be acting with a clear view towards saving for the future. Whether it’s higher spending on unnecessary purchases or an approach to spending which means that they run out of money when they need it, their spending habits may not always be in their best interests.

“We encourage everyone to do research, keep a budget, and use helpful tools to ensure they’re making smart financial decisions.”

(Source: TotallyMoney)

They make it seem so easy to just jump into the foreign exchange industry and begin trading. But there are actually plenty of considerations to make. Steve Plant, the CEO of WhichFX, has compiled a list of the dirty tricks of the FX industry to be aware of when planning currency transactions.

As an international small business owner, I am all too familiar with the complexities of the foreign exchange landscape. When trying to arrange a foreign exchange (FX) transaction, initial dealings with banks are often frustrating due to poor rates and high commission, which are often particularly unfair to smaller businesses. As such, many turn to brokers to secure more fruitful deals. This can often be overwhelming, however, as different brokers offer varying rates, commissions, and hidden costs.

It can be difficult to cut through this cacophony of brokers, who often solicit unwanted quotes once you’re on their books as they’re hungry for your business. They may appear good on paper but when it comes to initiating the transaction the rates and spread have completely changed. This is thanks to the inaccessible nature of the FX marketplace, perhaps cultivated by banks and brokers so they can hold a monopoly on foreign transactions.

Banks take advantage of the trust placed in them to provide good value and competitive services, making high profits off small businesses’ FX transactions, giving you rates that differ vastly from live interbank rates.

Brokers offer honeymoon rates to attract new customers but then slowly increase the spread (the profit the broker makes on each transaction at the clients’ expense) once a relationship has been established.

Some brokers refuse to use new services that drive down the spread, reducing their profits but maximising the value for clients.

Aggressive sales techniques keep you trapped in the honeypot. Brokers call clients with unsolicited sales calls, often creating a sense of panic by suggesting now is the best time to conduct a transaction as rates are about to take a turn for the worse in the very short future.

Broker comparison sites are misleading by only comparing rates, putting advertisers at the top of their lists, and omitting commission and hidden fees.

SMEs should avoid banks, turning instead to brokers, but beware, and tread the ground of the FX landscape carefully. Frequently shop around to take advantage of honeymoon rates to try and find the best deals.

In my own experience, I often found it frustrating trying to find the best deal and ended up spending countless hours consulting brokers, distracting me from other aspects of my import/export businesses. As a result, I founded WhichFX.

WhichFX is the first live broker comparison site and puts brokers in competition with each other to bid on FX requests, driving down the spread and giving SMEs quotes as close as possible to the live interbank rate. Rather than spending hours on the phone haggling with brokers, WhichFX provides you with a live quote in 15 minutes.

Due to the progressive nature of the WhichFX platform, some brokers have refused to sign up to it as they want to maximise their profits, even though this means their customers would get better FX deals. This illustrates the established FX industry as self-serving and unwilling provide small businesses with the best foreign exchange deals possible.