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MILLENNIALS PLACE MORE VALUE ON THEIR TIME OVER HAVING MONEY

  • ‘Millennials’ would rather pay a professional to do jobs for them
  • Over half (56%) of 18 – 34 year olds pay for up to ten services every month
  • Millennials are almost 2x more likely to pay for someone to manage their finances (15%) than the nation average (8%)
  • A service delivering a hangover cure is the most desired business (35%) among this age group

A survey carried out by utilities saving experts Make It Cheaper quizzed the nation to discover more about Brits’ attitudes towards employing someone to do jobs they could easily do themselves.

Polling over 1,000 UK residents, the research highlighted generational differences in the value given to time and money, between Millennials and Baby Boomers.

Interestingly, the results found that over half (56%) of 18 – 34 year olds already pay for professionals to carry out up to ten jobs each month in order to save time on a daily basis, compared to just 26% of Baby Boomers. Also, almost one quarter (23%) of 18 – 34 year olds are willing to spend over £100 a month in order to save time on daily chores, compared to just 10% of those aged 55 – 65+.

Those aged 18 – 24 are also almost three times more likely (15%) than those aged 55 – 65+ (6%) to pay for someone to manage their finances, with Gen Xers less likely to trust someone enough to deal with their money. However, Millennials are more likely to take on physical tasks, such as DIY (only 16% would outsource) compared to those in the 55 – 64+ category (42%).

The survey found that the top five services Millennials are most likely to pay for, in order to save time are:

  1. Cleaning (43%)
  2. Ironing (37%)
  3. Decorating (35%)
  4. Gardening (33%)
  5. Car wash (33%)

The most popular service that 18-24 year olds wished existed was a service for delivering a hangover cure (33%), whereas the most in demand service for pensioners’ was a service where someone else would ring up and wait on hold for them.

India, 24, explains why she would rather employ someone to do jobs than do them herself: “I definitely think my time is more valuable than my money. I work full time, have a social life, keep fit and write, so finding a few hours spare to do boring tasks is hard – even if I do have the time spare, I’d rather spend it unwinding. I recently paid £250 for someone to do my garden, and I’m going to pay someone to paint my house this summer because it would take me at least a weekend and I can think of a hundred better ways to spend it. I do have to make cut backs, say on clothes or going out, but it’s well worth it.”

Nick Heath, Head of Insights at Make it Cheaper, said: “It’s really interesting to see the kind of tasks that individuals prefer to complete individually, and which services they trust in the hands of others. Living in the digital age allows the nation access to a multitude of services instantaneously, helping us to claw back some precious time and trust our own decisions.”

To find out more about the research as well as the latest apps and services available to help you save time, please visit: https://www.makeitcheaper.com/blog/top-10-time-saving-apps-and-services.aspx