Northern Ireland millennials splash cash on takeaways, eating out and coffees

Northern Ireland millennials – people who reached young adulthood in the early 21st century – spend nearly £2,900 a year on average on takeaways, eating out, daily treats such as coffees, socialising and clothes, research has found.

The average annual bill comes to £2,864, a survey of 20 to 37-year-olds for Barclays found.

Across the UK, 2,000 adults revealed their spending habits – with the average spend amounting to £3,312.72.

Millennials in Northern Ireland spend annually, on average, £660 on socialising, £626 on new clothes, shoes and accessories, £735 on eating out, £449 on takeaways and £393 on daily treats (coffees etc).

Seven in 10 (70%) admit they don’t save enough – or at all. And Barclays’ figures suggest that simply making small sacrifices such as swapping out every fifth takeaway, cafe-bought coffee and night out could net Northern Ireland’s millennials a hefty £572.78 each a year, on average – a whopping total of £252m annually.

Graham Bailie, Barclays’ head of branch network for Northern Ireland, said: “There’s a common myth that you have to become a hermit if you want to save money. But that’s not the case. Think swap, not sacrifice.

“That could mean making yourself a coffee in the office once a week, or inviting friends over every now and then instead of going out.

“The beauty of these small swaps is that by simply tweaking your lifestyle, the savings you make can be huge.”

Of those millennials in Northern Ireland that said they do save regularly, the average amount was £147.32 a month.

Adding these savings to the cash accumulated by making small “swaprifices” on takeaways, socialising and other treats, they would be left with a whopping £2,340, on average, after just one year.

The bank’s research shows Londoners spend the most each month on takeaways (£57.48) and eating out (£78.11), while millennials in north-east England spend biggest on new clothes, shoes and accessories (£92.04).