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Younger generation driving upturn in savings habit

Younger generation driving upturn in savings habit

Category: Savings

Updated: 24/09/2012
First Published: 24/09/2012

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 It is now over 6 months old so the content may be out of date.

People in the UK are saving an average of 7.17% of their monthly income, with young people and women driving the turnaround.

According to research by National Savings & Investments (NS&I), the average person in the UK saved £90 per month during the last quarter, an increase of 7.08% compared with the previous quarter.

Young people appear to be leading the way when it comes to saving on a regular basis. Savers aged between 25 and 34 are setting aside an average of just over £100 a month, much higher than the national average.

Around 45% of young people are motivating themselves to save money by setting goals, compared to over a quarter of all savers in the UK .

Women are also taking responsibility for their financial future, actively saving an average of 7.65% of their monthly income; a rise of 7.36% since last quarter.

Commenting on the findings, Sylvia Waycot, finance expert at Moneyfacts, said: "It is hardly surprising that more people are making saving a priority given that first-time buyers need vast deposits for first homes and parents try to negate the cost of a university education for their offspring.

"In order to ensure the best returns on this hard earned money, it is important that savers not only seek out the best savings rates but that they also diarise when any introductory offers end."

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