Financial boost for Yorkshire's Gen-Z

Friday, 5th January 2018, 10:50 am
Updated Friday, 5th January 2018, 11:10 am

Yorkshire's Generation Z may be surprised to find that, as we enter the New Year, they are financially better-off than most in their age group.

New data from digital current account showed that those aged 18-25 in the area entered 2018 with £430.25 in their current account.

That's 24.35% more than the UK average of £346, according to the study which showed clear regional divisions of wealth across Britain.

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The figures were skewed by Londoners' massive start-of-year balance - £1,298.37, 275.25% greater than the UK average

In fact, Yorkshire was fourth on the 'rich list', behind Oxfordshire's average balance of £497.73, but ahead of Midlothian's £385.72.

But spare a thought for the 18-25s in Hertfordshire - who will have to get through January on a mere £86.08.

Loot’s data also showed an increase in spending over the Christmas period as the average purchase on Christmas Day and Boxing Day saw £79 and £338 leave accounts respectively.

Ollie Purdue, founder and CEO of Loot commented: “It’s staggering to see the wealth divide in the UK amongst the younger generations. Increasingly we are seeing young people migrate to London in search of higher paying jobs and it’s clear why.

“With the cost of consumer goods rising and wages stagnating, everyone, regardless of location, is set to feel the squeeze in 2018 – particularly the younger generations."