More than half of French adults aged 18 to 35 save less money or stop saving altogether during the summer, according to a study by personal finance app Plum.
The research found that 28 percent of respondents said they reduce the amount they save during the summer period, while 24 percent said they stop saving entirely. Only one in five young people maintained the same level of savings year-round.
Victor Trokoudes, the founder of Plum, said the study showed that young French people were not willing to give up experiences that bring them pleasure in summer, even when their budgets were under pressure.
Where the money goes
Restaurants, cafes and ice cream shops account for 25 percent of young people’s summer spending, according to the study. Holidays and weekend trips represent 23 percent, leisure activities 17 percent, drinks and bar outings 13 percent, shopping 8 percent, and festivals and concerts 5 percent.
Trokoudes noted that individually these purchases often go unnoticed, but together they can have a significant impact on young people’s finances.
July is the worst month
Plum also identified the months when young people spend most freely. July saw the largest drop in savings at minus 8 percent, followed by August at minus 2 percent and June at minus 1 percent. The study also found that the habit of unrestricted summer spending was more common among women, at 16 percent, than among men, at 9 percent.
