Home > Financial > 16-18 year olds have more disposable income than any other age group

16-18 year olds have more disposable income than any other age group

Added: (Wed Jul 28 2010)

Pressbox (Press Release) - Research by the UK’s leading discount website has revealed that Brits aged between 16-18 have the most money to “play around with” each month, whilst those who are older are faced with more commitments which means they have less disposable income.

Research by the UK’s leading discount code and voucher site has revealed that on average those aged between 16 and 18 have a more disposable income than any other age range. 1,276 employed 16-18 year olds were polled along with 1,324 members of the British public who were aged 19 years and over and employed.

The research was carried out by http://www.MyVoucherCodes.co.uk to uncover which age group had the most disposable income. When asked the question “how much money, after all outgoings do you have to play around with at the end of each month?” 52% of those aged between 16-18 said that they had between £201-£300 each month to spend on whatever they want, 13% had £301-£500 and 7% had £501+ to play with.

When those aged 19 years and over were asked the same question “how much money, after all outgoings do you have to play around with at the end of each month?” 49% said that they had £100-£200 to spend on whatever they wanted each month, 21% said that they had between £201-£300 left at the end of each month, 6% had £301-£500 and just 3% had £501+ to play with at the end of the month.

When those aged between 16-18 were asked “what bills or commitments do you have to pay for?” two thirds, 67%, admitted that they had to pay for their mobile phone contract, 12% paid for their travel expenses and 6% said that they lived away from home so had bills. 21% admitted that they didn’t have to make any regular payments.

When the same question was applied to those aged 19+ years and older, 71% said that they had to pay rent, 69% had to pay household bills and over half, 54%, had direct debits for other things coming out of their bank account.

When those aged 19+ years were asked “do you feel as though you had more money to spend when you were younger?” 65% said yes, compared to the 26% who said no; 9% said that they had about the same amount of disposable income.

19% of the respondent aged 16-18 said they received money from their parents on top of their wages from their job and 11% also received EMA for attending college too, which can be up to £30 per week.
Mark Pearson, managing director of http://www.MyVoucherCodes.co.uk said;

“I don’t think it’s a huge surprise that so many teenagers aged between 16-18 have more money to spend on whatever they like than those who are older. With Education Maintenance Allowance, part time jobs and the financial support off their parents it’s no wonder they have more to play with.”

He continued;

“Adults tend to have rent, bills and other commitments that mean they don’t have as much money at the end of the day. Whilst MyVoucherCodes can’t offer savings on things such as Council Tax, it can provide money off coupons for outgoings such as grocery shopping and more, to hopefully leave consumers with a slightly more disposable income!”

LINK http://www.myvouchercodes.co.uk

***ENDS***

For more information, please contact Gabrielle Lofthouse, 10 Yetis Public Relations Agency on 01452 348 211 begin_of_the_skype_highlighting 01452 348 211 end_of_the_skype_highlighting, gabrielle@10yetis.co.uk or on Twitter @Gabriella_PRowl

EDITORS NOTES

Mark Pearson, MD of MyVoucherCodes is a regular media contributor regarding online shopping and the credit crunch. At 29, his personal worth is more than £30 million. Mark was previously a trainee chef working for Gordon Ramsay at Claridges, London.

MyVoucherCodes has had sales exceeding £481m in the last year
Consumer savings on online shopping via MyVoucherCodes.co.uk up from £28m in 2008 to £52m in 2009.
MyVoucherCodes is the UK’s most popular discount site.

Submitted by:Gabrielle Lofthouse
Disclaimer: Pressbox disclaims any inaccuracies in the content contained in these releases. If you would like a release removed please send an email to remove@pressbox.co.uk together with the url of the release.