A Fifth Of UK Young Adults Shunning Black Friday Deals Amid Financial Struggles

A fifth (21%) of young people are not planning to buy anything on Black Friday this year, and over a third (35%) are unsure, according to figures released by Gen Z financial literacy platform Prograd.

As Black Friday approaches on November 24th, 43% of young people admit that the reason they won’t purchase anything is because they do not have the money.

A further 40% of young people admit they don’t need anything and nearly a fifth (15%) still think it’s too expensive.

Charlotte Bolland a student aged 22 from Liverpool commented “As a student, a lot of people think we spend our money on pointless things. However, with the cost of living rising, I find myself spending only on the necessities and still struggling. Times are hard on all of us and I find Black Friday deals are a complete rip-off. They’re not really discounted prices, they’re prices that are made to look cheaper because of Black Friday. I also think that the media over-advertises Black Friday sales so there’s a pressure to buy something. It’s not healthy for young people. Especially as we are struggling already”

 

Prioritising Practical Purchases Over Pricey Products

When asked about the type of discounts they do want, 43% of young people admit they would rather have discounts on everyday items like groceries than larger purchases.

Charlotte Bolland a student aged 22 from Liverpool commented further “I can’t afford to buy everything in one impulse buy. Life is so expensive at the moment, I don’t care about buying the latest gadgets. I’d rather spread out my purchases throughout the year and have discounts on more important things like transport and food”

 

Young Aspirations Altered By Economic Anxiety

Financial worries are not only impacting young people’s ability to splurge on Black Friday, but also their hopes and aspirations for the future.

When asked which financial milestones they are willing to give up due to them being too expensive, 14% said they would give up having a wedding and 11% said they would give up buying a home.

Other milestones they would give up include going on holiday (14%), starting a business (12%) and going to University (10%).

 

Ethan Fraenkel, Co-Founder at Financial Literacy Company Prograd Commented “Young people can barely afford to live their day to day, let alone spend hundreds of pounds this Black Friday. It’s very telling that young people in the UK would rather have discounts on essentials like food than larger items, showing the struggles they’re facing with everyday affordability.

“Together, it’s important we encourage young people to take care of themselves financially to ensure they can hit big milestones. No young person in the UK should feel like homeownership is not possible for them. We must change the narrative, destigmatise financial conversations, and provide the tools young people need to thrive in a challenging economy.”

 

 

For young people looking to improve their financial literacy and receive more regular discounts throughout the year, visit https://www.prograd.uk/ to get started today.

About Lisa Baker, Editor 2357 Articles
Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.