Just as we thought a restricted summer was a thing of the past, the cost-of-living crisis is forcing over half of Gen Z and Millennials (55%) to cut back on their spending, with three quarters (75%) saying they’ve had to change their spending habits in the last year.

And contrary to the opinions of fellow Boomers*, Gen Z and Millennials are cutting back on their little luxuries such as eating out and streaming subscriptions, with only a small pool (9%) of them reporting these to be their most expensive outgoings each month – despite well over three quarters (83%) describing them as their most mood boosting activities.

In fact, research shows that the generations’ highest expenditures are essentials such as bills (36%), food (27%) and rent (22%).

In response to the study, VoucherCodes has launched ‘Who Wants to be a Millennial-aire?’, a competition giving one lucky winner the chance to win one of their biggest expenses back with an entire rent-free summer*.

On top of this, competition entrants will also be in with a chance of winning an abundance of the Millennial-esque luxuries which Boomers claim they ‘waste their money on’ – including a summer’s worth of avocados, iced lattes, house plants, cosmetics and much more.

The study also found that over a quarter of Gen Z and Millenials (28%) reckon they’re worse off financially than any preceding generation, with the Covid-19 pandemic (29%) and ready accessibility of being able to ‘buy now pay later’ (36%) named as the top culprits.

With most having only £101-£200 of disposable income left each month after outgoings, nearly half (43%) of Gen Z and Millennials claim their monthly salary runs out only 12 days after being paid.

The study of 880 18-44 year olds across the UK was commissioned by VoucherCodes, the UK’s most trusted voucher and discount website, to reveal how rising costs and inflation are affecting younger generations.

Anita Naik, Savings Expert at VoucherCodes comments: “Our research highlights that young people are struggling with the cost of living at the moment, and despite the view that Millennials and Gen Z waste their money on frivolous expenses, this is far from the truth.

“Our ‘Who Wants to be a Millennialaire’ competition is a fun take on this stereotypical view of this generation but holds a serious message; young people’s rent is taking up most of their salaries and they have little leftover to enjoy the smaller luxuries in life.

“We want to ensure every young person has a chance to enjoy those mood-boosting luxuries they are having to sacrifice, so for those who don’t take home the winnings, we also have a number of exclusive discounts across a range of ‘Millennial retailers’, such as Superdry and Under Armor to Booking.com and the Co-Op running throughout the summer.”

The competition winner will be announced by none other than ‘Millennial-heir’ himself, 30-year old Toby Tarrant, the son of Who Wants To Be A Millionaire’s, Chris Tarrant and X-FM DJ, who comments:

“It’s really tough at the minute finding the balance between saving for the future and still living life to the full. Hopefully, with the help of VoucherCodes, Millennials can afford the important stuff but still have some money to spend on all of their favourite things like iced lattes, craft beer and loads and loads and loads of avocado on toast.”

To be in with a chance of winning, head to https://www.vouchercodes.co.uk/campaign/vc-rent-free-summer and complete the competition entry form.