– YOUNG South West Residents are feeling the financial pinch and forgoing food due to lack of money, according to new research.

A quarter of 25 – 34 year olds (25%) have confessed to missing a meal because money is too tight, whilst over half (58%) have given up, or cut down, on things they enjoy due to financial misfortunes. However, it’s not just the younger generation feeling the pinch of the purse strings. The research which was conducted by MoneyExpert.com, found that almost a third of South West Residents (30%) are financially worse off than they were just two years ago.

In a bid to save a few pennies, South West Residents are shunning personal treats and expenses such as clothes shopping (33%), meals out (40%), TV subscriptions (16%) and even holidays (42%). Whilst over a quarter (27%) have needed to walk to work, or their place of study in order to save money.

Perhaps this is due to the struggles we face when saving. Over a quarter of South West Residents (27%) do not put any money aside for savings and for those that do, the average South West Resident saves just £588 a year. However, it’s the older generation who are managing to put money aside for a rainy day. Over half (57%) of 45 – 54 year olds are saving each month, compared to 25% of those aged 25 – 34.

Jason Smith, Savings Guru at MoneyExpert.com said: “It’s shocking to see that the younger generations are skipping mealtimes just to make ends meet. This coupled with a quarter of the nation being worse off financially shows it really is time to delve into your finances and see where you can start saving money.”