Young people saving despite financial hurdles - Savings - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Young people saving despite financial hurdles

Young people saving despite financial hurdles

Category: Savings

Updated: 23/04/2013
First Published: 23/04/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Almost half (46%) of UK households admitted to running out of money before the end of the month during 2012, according to a new study.

The findings by Halifax revealed young people are finding it the hardest to keep up with the ever rising cost of living, with 11% of those aged in their 20s claiming that they had run out of money towards the end of every month last year.

Increasing expenditure such as bills, rent, fuel and debt repayments appear to be taking their toll on the younger generation, particularly as many languish on low salaries.

Despite 40% of people in their 20s claiming that they are financially worse off compared to last year, a large number are still determined to save for their futures.

Over two thirds (68%) of respondents in their 20s said that they place any money left at the end of the month in a savings account, the most likely age group to do so aside from those in their 60s (75%) and 70s (74%).

Anthony Warrington, director of personal current accounts at Halifax, said: "Keeping a close eye on your finances can help with budgeting, and by monitoring your expected outgoings you can see how much you have left over the month.

"People will always have different priorities at different ages, but it is never a bad idea to put some money to one side whenever you have the chance," he concluded.

What next?

Compare the best savings rates
Search all easy access savings accounts
Savings guides
Variable rate cash ISAs
Fixed rate cash ISAs

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.
 
Close