Younger generation driving upturn in savings habit - Savings - News - Moneyfacts

News

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 It is now over 6 months old so the content may be out of date.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

What Next?

Find the best savings rates for you - Compare savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.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

6 of the best monthly interest savings accounts

Monthly interest savings accounts pay interest on your savings each month – as opposed to yearly – and therefore allow you to take a regular income from your hard-earned cash.

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.
 
Close