68% of young people experience financial difficulties in January due to excessive Christmas spending. Tips from seniors on the advice line will help them save money.
Global technology brand HONOR today launched a unique initiative across Europe – a senior-led financial advice line that connects young people with frugal retirees. The service was created in response to new research which revealed that one in four young people* consider January to be the most financially difficult month of the year due to Christmas spending, with 64% of respondents saying they would turn to the older generation for advice on how to save . The survey also found that people in Slovakia can get by with money on average until January 17.
Powered by the new HONOR Magic7 Lite (a feature-rich, wallet-friendly smartphone), the toll-free line available via WhatsApp draws on the wealth of experience and smart spending habits of the older generation. It offers practical advice on saving and managing finances. The initiative was based on findings that young people under 25* are most likely to seek financial advice from an older generation, as seniors have a wealth of life experience (44%) and understand the importance of saving and household budgeting (18%).
January’s financial burden is not too surprising. 68% of under-25s admit to spending more than they can afford over the Christmas period, causing them to struggle financially in January. It found that 22% of respondents are putting off shopping (essentials and non-essentials) until February, and 19% say an earlier payday in December contributed to their New Year’s financial woes.
Most young Slovaks are financially stressed when they have less than a week’s income in their account (37%), when they have to use a credit card because they ran out of money (13%) and when they use an overdraft (19%).
Alexandra Maderová, marketing manager of HONOR Slovakia, added: “We know that January is a particularly difficult month financially, especially for younger generations. Therefore, we bring a direct way to help by using the knowledge of a generation known for its financial prudence. Our financial advice hotline uses the new, affordable HONOR Magic7 Lite smartphone, proving that top performance doesn’t have to break you, while giving people free access to money-saving tips.”
The survey also brought the best saving tips from the older generation:
- Just because you have money doesn’t mean you have to spend it (67%).
- Before you buy something, always compare prices (50%) and it is not always true that more expensive is better.
- Saving for something you really want and need is always worth it (40%).
- Always read your bank statements – even if you think it’s boring (17%).
- Pay extra for express delivery only if you really can’t wait (11%).
January’s financial difficulties do not only concern young people in Slovakia. The survey found that people in the Czech Republic, Italy, Spain and Portugal are also likely to run out of money at the same time, while those in France and Germany will last a little longer – hitting the red from 22 January.
The HONOR Magic7 Lite smartphone is extremely durable, has a wide range of AI functions, an excellent camera, a long battery life and an elegant design. More information can be found at www.honor.com/sk/
The HONOR financial advice line is available from January 10 to January 17, 2025 (excluding weekends). If you have a question, just send a message to the WhatsApp number +49 176 599 57 306. You will receive an answer in real time.
You can find more information about the HONOR brand on the official website: www.honor.com/sk/
Notes for editors
- *young people aged 18-24.
- OnePoll survey among 1,000 adults in the Slovak Republic.
- The HONOR financial advice line is available from January 10 to January 17, 2025 from 9 a.m. to 5 a.m. (GMT+1). The line is closed on weekends, messages sent over the weekend will be answered on Monday.
About HONOR
HONOR is the world’s leading supplier of smart devices. It aims to become a global iconic technology brand and create a new smart world for all through its powerful products and services. With a constant focus on research and development, it strives to develop technologies that enable people around the world to go further and give them the freedom to achieve and do more. HONOR offers a range of high-quality smartphones, tablets, laptops and wearables to suit every budget, empowering people to become a better version of themselves through its portfolio of innovative, premium and reliable products.
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Source: www.nextech.sk
