Report by insights consultancy Think Stylist (UK) reveals nearly half of women have no cash for fun

Nearly half of UK women 25-45 (46%) spend their money on bills, leaving no money for fun, according to a new report, The F Word, The New Money Mindset of Gen Z and Millennial Women by insights consultancy Think Stylist.

Women are suffering from a ‘joy deficit’ as they are forced to cut down or cut out the things they love, such as pastimes and hobbies (38%).

The majority (60%) have less than £200 a month to spend on joy after bills have been paid and 23% have less than £50.

Most (78%) say they are now ‘selective spenders’, but a key pandemic legacy for these women is a heightened YOLO mindset, creating a tension of wanting to throw caution to the wind yet feeling more cautious about money.

This mindset has created a cohort of “seesaw spenders” who are flipping between making food at home (a third have started prepping lunchboxes and 58% have started eating in rather than out) and spending on experiential fun, which is prioritized by over a third (35%) of UK women 25-45.

The findings are in The F Word: The new money mindset of millennial and Gen Z women an ongoing study of women aged 25-45 by Think Stylist, a specialist insights consultancy, powered by Stylist – the UK’s leading media brand for millennial and Gen Z women.

Susan Riley, Head of Think Stylist, said:

“With costs up, living standards down and wages stagnant, money is weighing more heavily than ever on the minds of Millennial and Gen Z women, with nearly 40% citing it as their biggest challenge.

“With a decrease in ‘me money’ many women are paying an emotional price to try and stay in the black as they are caught between the urge to live for today and the desire to save for tomorrow.

“Women need brands to help to them navigate the painful swing between ‘girls just wanna have fun’ and ‘girls just wanna have funds’. Many don’t have the cash for serious saving and yet desperately want a rainy day fund to achieve their dreams.”

The Think Stylist research discovered that young women tend to adopt eight distinct spending styles, from Budget & Blowout – swinging continuously between careful budgeting and ‘what the hell’ blowouts – to Serial Returners – who are caught up in the process of transactional shopping while rarely benefitting from the end result. The report is available for download.

Riley said the findings show that Gen Z and Millennial women are looking for brands to reignite the spark of joy with partnerships and clever collabs to provide more bang for her buck. There are also huge opportunities for brands that can help women navigate the financial landscape.

Riley added:

“Women 25-45 are yearning for someone to work out what’s important to them, make tailored recommendations and understand the emotional weight of their financial choices.

“There is a clear role for financial institutions, but the onus isn’t all on them – any brand she trusts could build love by providing her access to financial literacy in their sphere. Currently they don’t feel anyone out there is talking their language.

“Investing is her key desire (51% state it as the money skill they want the most) so helping her to do that will make you her ally and a customer for life.”

Think Stylist is an insight consultancy that gives modern women a voice and channels it to inform and inspire other businesses. ​Powered by Stylist – the UK’s leading media brand for millennial and Gen Z women – Think Stylist helps brands gain access to an unprecedented understanding of modern women as they evolve through their 20s, 30s and 40s.