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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 It is now over 6 months old so the content may be out of date.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.

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