For years, the East Midlands has enjoyed a reputation as one of the more affordable places to live in the UK.

Compared with London, Manchester and other major cities, your money is supposed to go a little further. Rent is lower, house prices are less eye-watering and the daily cost of getting around is often more manageable.

So why are so many young people still finding it difficult to put money aside?

Recent data suggests the East Midlands has the lowest average savings of any UK region, with average savings sitting at just over £6,400. Scratch beneath the surface and the picture becomes even more concerning. Many people have little savings at all, while others are living month-to-month, hoping nothing unexpected lands on their doorstep.

And that’s perhaps the biggest issue. Saving money is no longer just about getting on the property ladder or funding a dream holiday. For many young adults, it’s become about having enough of a financial cushion to cope when life inevitably gets expensive.

It’s not that people don’t want to save

There’s often an assumption that younger generations aren’t interested in saving, but speak to most people in their twenties and thirties and you’ll hear a very different story.

Most know they should be saving. Most want to be saving.

The challenge is finding money that’s actually available to save in the first place.

Rent remains one of the biggest drains on income, even in cities like Nottingham, Derby and Leicester. Add in rising food costs, energy bills that seem permanently higher than they used to be, and the ever-increasing cost of running a car, and it’s easy to see why many people’s bank balances look very different at the end of the month than they did at the beginning.

Then there’s the less obvious spending.

The wedding invitations. The weekend away with friends. The birthday meal. The football season ticket. The gym membership you genuinely use. The coffee you grab before work because you were running late again.

Individually, none of these things seem unreasonable. Together, they can make saving feel like an impossible task.

The problem nobody talks about enough

What’s particularly worrying isn’t that some young people aren’t saving enough.

It’s that many aren’t saving anything at all.

When you’re living without a financial buffer, even relatively minor setbacks can create a huge amount of stress.

A broken boiler. An unexpected dental bill. A car repair. A few weeks without work. Suddenly what should have been a manageable inconvenience becomes a genuine financial headache.

That’s why personal finance experts often talk about emergency funds before they talk about investing.

You don’t need tens of thousands of pounds sitting in a savings account to improve your financial position. In reality, even £500 to £1,000 can make a significant difference when something goes wrong.

It’s not glamorous. Nobody is posting screenshots of their emergency fund on social media.

But having that money there can be the difference between solving a problem and creating a much bigger one.

Small habits usually beat big promises

The internet is full of people promising quick financial transformations.

In reality, most people build savings in far less exciting ways.

They automate transfers into savings accounts. They keep an eye on where their money is actually going. They avoid increasing their spending every time their salary goes up.

Not because they’re financial gurus.

Because they understand that consistency tends to beat perfection.

Saving £50 every month for a year may not feel life-changing in the moment. But it’s still £600 that wasn’t there before.

The same principle applies whether you’re saving for a house deposit, a holiday or simply a rainy day.

More young people are looking beyond their day job

Perhaps one of the most interesting shifts in recent years has been the rise of additional income streams.

For a growing number of young people across the East Midlands, saving isn’t just about cutting back. It’s about bringing more money in.

Side hustles have become increasingly common, whether that’s freelancing, tutoring, selling products online, creating content or picking up flexible weekend work.

What was once considered unusual is now becoming fairly normal.

Many people aren’t looking to build the next big business. They’re simply trying to create an extra few hundred pounds each month that can go towards savings, debt repayment or future goals.

A spokesperson from side-hustle app Prograd says the trend reflects a broader shift in how young people are approaching money.

“We’re seeing more young people realise that budgeting alone isn’t always enough. While managing spending is important, many are also looking for ways to increase their income, whether that’s through freelancing, side hustles or flexible work opportunities. 

“The people making the most progress financially aren’t necessarily earning huge salaries, they’re often the ones who are consistently taking small steps to improve their situation.”

The East Midlands still has one big advantage

Despite the challenges, there’s a reason many people continue to build their futures in the East Midlands.

Compared with many parts of the country, the region still offers a level of affordability that’s becoming increasingly difficult to find elsewhere.

Buying a home remains more realistic than in London. Commutes are often shorter. Many towns and cities continue to attract investment and create new employment opportunities.

That doesn’t mean saving is easy.

But it does mean that every pound saved can potentially go further.

For young people willing to develop good financial habits and think creatively about earning opportunities, the East Midlands remains one of the better places in the country to get ahead financially.

Saving is really about buying yourself options

It’s easy to think of savings as something that’s only important for wealthy people or financial experts.

In reality, savings are simply about creating choices.

The choice to handle an unexpected bill without panic. The choice to change jobs if an opportunity comes along. The choice to move home, start a business or take a career risk.

Building that kind of security rarely happens overnight.

It usually starts with a few pounds here and there, repeated consistently over time.

And while the statistics suggest many people across the East Midlands are finding that difficult right now, small steps still matter.

Because when it comes to financial resilience, the amount you start with is often far less important than simply getting started.