Why you could be ‘revenge saving’ without even realising it
Why are people ‘revenge saving’?
- ‘Revenge saving’ is a growing global trend, particularly among younger generations, involving the deliberate and diligent saving of money, often through tracking and challenges.
- This movement is the opposite of the 'revenge spending' phenomenon observed after lockdown, when people rapidly spent cash saved during restrictions.
- The primary driver for revenge saving is a desire for financial resilience and protection against economic uncertainties, including the cost-of-living crisis, high inflation, and concerns over tax increases.
- Originating in China, the trend has spread to the UK and beyond, representing a significant mindset shift towards financial stability and security rather than just basic budgeting.
- Popular methods include 'no buy' periods, immediately transferring funds to savings upon receiving payment, and utilising financial apps or gamified challenges to cultivate strong saving habits.