Young Brits more committed to saving than older generations

New research suggests that young male Brits are the nationís most dedicated savers, stashing away an average of £104 every month.

Research from NS&I found that men aged between 25 and 34 are putting away much more than the national average of £88. They are a breed of savvy savers who are motivated by goals such as property ownership and financial security.

Itís not just young men who are keen savers though, many 16-24 year olds are managing to put aside 7.8% of their monthly income. This is significantly more than anyone aged between 25 and 65 years old.

Those aged between 45-54 are just about managing to save 6.7% of their income each month. However, they are more likely to have larger financial responsibilities that prevent them from saving in comparison to their younger counterparts.

“Setting specific targets is a good way to stay motivated, and even if it’s only a small amount being set aside each month the savings soon mount up,î said John Prout, NS&I savings spokesperson.

ìIf you’re struggling with your finances, January is a great chance to start afresh and set achievable goals to work towards over the coming year, ” Mr. Prout continued.

The research found that savers in their 20s and 30s are looking ahead to the future and any financial implications this may have. Almost half of those aged 25-34 are saving for a deposit for a house.

Just a quarter of them are saving for a holiday and attitudes show that saving for an emergency is equally as important as going abroad with 23% of young savers setting cash aside for an emergency. Under a fifth of 45-54 year olds are saving for an emergency.

Saving for a car is another high priority for young people, with over a quarter of 16-24 year olds, and 16% of 25-34 year olds, saving for a vehicle.

According to the research, young people are saving in a more effective way than previous generations.

Compare savings accounts with Money Expert.

Leave a Reply

Your email address will not be published. Required fields are marked *