63% of young adults ‘would consider revenge saving or other savings challenges’

Online budget calculators and bank account switching offers can help people to boost their savings pots (picture posed by model/Dominic Lipinski/PA) - (PA Archive)

Nearly two-thirds (62%) of 25 to 34-year-olds would consider social media savings trends such as revenge saving, “no-spend” periods and envelope challenges, a survey has found.

Revenge saving involves people ramping up the amounts of money they are putting away to have more financial security, sometimes in response to previously over-spending.