1. Lifestyle

Mothers and daughters, two different ways of saving and spending money

The relationship between mother and daughter is one of the most important any of us will ever have. From our earliest moments, our mothers work to protect and guide us as we grow. This guidance covers all aspects of life, from work to health, to emotional development; but does it also include how we handle our money?

We spoke to two of our wonderful Ovalers, who also happen to be mother and daughter, to get their unique view on how differently they look at money. Sara, who is twenty-eight, was born in 1991 and is part of the millennial generation (those born between 1980 – 1994). Her mother, Linda, is one of the baby boomers (those born between 1944 and 1964).


Sara, in line with what statistics say about her generation, says she probably eats out at least once a week with friends. If she goes out with her parents she usually doesn't pay, so she doesn't include those events in her estimates. She would also much rather eat take out than her mother. In comparison, Linda says she only usually eats out on special occasions.

These preferences are backed up by statistics, which show that millennials are 6 times more likely than boomers to order take out delivery for dinner. And, according to the Neilson Gibson Generational Lifestyles Report, 6-in-10 millennials (58%) say they eat out at least one a week, with a further 30% saying they eat out more than three times. This is twice the percentage of baby boomers (29%).


In the UK, as of 2016 the over 50’s accounted for roughly 47% of all consumer spending in the UK. That’s about £320bn a year. They also spend twice as much per year than the under 30s on cinema and theatre tickets. Conversely, millennials tend to stay home to watch films, with 70.8% of this generation subscribing to a streaming channel with an average monthly spend of £20.28.

Whilst Linda says she doesn't go to the theatre very often, she says she is much more likely to go to the cinema than her daughter, who thinks its overpriced and would rather wait to stream it at home.


At Oval, 66% of our female users are millennials with an average of around €103 saved each month in the 18-36 age bracket, which is great news! Our figures also show that our female users between 60-65 save the most each month, with an average of €244! Both Sara and her mother are long time Ovalers, and they both use the app differently. Because Sara has an irregular income she is more likely to set up her saving steps in percentages, rather than her mother, who prefers to save set amounts.

Furthermore, she is trying to build healthy financial habits by saving and investing through Oval. The average monthly amount invested by female Ovalers in Sara's age range is €37. Because she is at the beginning of her financial education she feels more secure investing smaller sums to watch how changes in the market impact on her investments. As she learns and becomes more confident with what investment really means, she says she'll most likely invest larger amounts.

In the wider world it appears that millennials are more in control of their finances than they have been given credit for. A report by Neilson Gibson found that of those surveyed, 34% of millennials say they save enough money each month and are confident in their financial future, compared to just 23% of boomers.


Sara is still living at home but is saving for a deposit on her own flat. At her age, Linda says she and her husband already owned their first home but concedes that house prices now far outstrip the average salary, and the prospect of buying property alone is becoming increasingly difficult. She and her husband are helping Sara with her deposit.

Millennials are now spending an average of nearly a quarter of their net income on housing. Naturally, boomers have had a lifetime of working hard and building up assets, but the fact remains that millennials are half as likely to own a home at age 30 as baby boomers were.

Different generations view the world in different ways, that's a given, and when it comes to finances each both vitality and experience have equal parts to play. Learning to collaborate across the generational divide and foster an environment of education and understanding can only lead to the betterment of relationships, and increasingly informed financial decisions for all.

Happy Mother's Day from Oval! :)

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