Millennials are saving less because of financial pressures, an unwillingness to invest over the longer term, and because of insufficient information. With a few adjustments, you can save more with lifestyle changes that also improve health and wellbeing.

Research by Barclays Bank and RFi Group highlights some interesting findings. Although the younger generation appear to have an appetite for risk, they are still cautious with money.

Millennials are defined as the generation born between 1980 and 2000. They are now aged between twenty and forty years old.

Many live at home with parents but have not got into the habit of saving.

What are the barriers to investing?

The most obvious barrier to saving and investing is expenditure. Millennials spend much more than their parents on clothes, cars, eating out and home-delivered food.

The under-40s also commit more readily to monthly outgoings. These include expensive mobile phone contracts, gym memberships and TV streaming services.

Many rent houses and apartments and lease cars. This in turn leaves less each month to save towards future purchases or retirement funds.

Also, Millennials site a lack of information as a reason why they do not save. Environmental issues are important to them but details about how to access funds that appeal to their beliefs can be hard to find.

Millennials say they do not know enough to commit to long-term investments and prefer to keep spare cash in current accounts. In recent times, this has attracted very low-interest returns.

How can you save and invest more?

Going cold turkey is dramatic. Stop enjoying the things you love and you are setting yourself up to fail.

A measured approach, with gentle changes, can work.

For example, cut out one expensive take-away each month. There’s an immediate reduction in calories and a comparable gain in financial pounds. It sounds so simple but it’s true.

Where possible, instead of driving to work or a leisure activity, walk, cycle or run. Health and fitness benefits are matched by fuel savings. You also help to cut emissions. That’s great for the planet and your wellbeing.

Starting small also helps. A modest regular, monthly saving is much easier than one-off larger investments. It becomes part of your outgoings.

Adopt a structured approach to savings

Sometimes, you need additional motivation to save. Just as exercise and fitness routines need a trainer, choosing savings and investments can be easier with an expert alongside.

Crucially, an independent financial advisor can help you plan.

Anyone can hop on a bike, join a gym and start cooking healthy recipes. The same is true with investments. There is plenty of information out there, multiple paths to follow.

However, drawing on experience and expertise can help you stay on the right path. When change is required, there is someone to point you in the best alternative direction.

Logic Wealth Planning offers independent financial advice on pensions and savings. Whatever your goals, we aim to make the process hassle-free.

Please be aware the value of investments or income from them can fall as well as rise.

Give us a call on 0808 1234 321 (freephone) or email info@logic-wp.com to arrange a convenient time to discuss your savings, life and wealth plans.