Mind the (£10) gap says Engage Mutual

The ten pound note has seen the British public through one hundred and seventy four years of spending – but its value today is widely debated across the age groups.

New research from Engage Mutual has unveiled a ‘generation gap’ in what’s seen to be the worth of a tenner, with over 50s grandparents being the sticklers for spending.

At a time when Britain is experiencing a growing £27billion savings gap and young people are faced with the prospect of having to pay ten times their salary for a home, their parents’ generation are begrudging £10 for a bottle of wine.

As part of its ongoing research into different generations’ attitudes to finances, Engage Mutual surveyed a GB representative sample of over 2,000 people asking them what items they would consider to be a rip off or too expensive at £10.

More than two in three grandparents (65%) think parting with their ten pounds for a bottle of wine is a rip off when almost one in two of under 25s with no children (45%) wouldn’t bat an eyelid.

Although older people (grandparents over 50) find spending ten pounds on things like cinema tickets (67%) and knickers (81%) excessive, they are willing to pay £10 more freely for items such as baby outfits (only 14% of this age group think it is a rip off for £10), local train tickets (48%) and a joint of meat (27%), whereas younger generations consider these to be of a rip off (18%, 69% and 40% respectively).

Nearly one in two grandparents over 50 years old (45%) classify T-shirts as a rip off for £10 but the more fashion conscious under 25s are in disagreement with only 13 per cent ranking it as too expensive.

Karl Elliott, 3GB Spokesperson for Engage Mutual said “Inflation and decimalisation have caused considerable changes to the way money is perceived across generations. These varying perceptions of money may have a considerable impact on family finances, particularly when it comes to different generations’ attitudes to spending and saving. If just 10 per cent of the population put aside just £10 each month, then the British population would be squirreling away £720million each year into savings.

It is important that all family members save as much as possible for the future. Engage are committed to providing simple financial savings for all family members allowing them to save what they can afford to on a regular basis, helping them to achieve a secure financial future.