New research published by NS&I as part of their regular Savings Survey highlights that young Britons are motivated to save for emergencies as much as going on holiday.
The new data shows that young males (aged 25-34 years) are among Britain’s most dedicated group of savers, putting away an average of £104 each month, well above the national average of £88. The findings also reveal that younger people are motivated by goals such as property and their financial security.
Twenty and thirty-somethings savers (25-34 years) are looking to their future circumstances with nearly half (47%) prioritising saving for a deposit to buy a home, while just a quarter (25%) are saving for a holiday. Saving for an emergency is viewed as equally important to going abroad by young savers, with 23% saving in case of an emergency.
Savings goals prove effective
While just over a quarter (26%) of the British population motivate themselves to save by using goals, over a third (36%) of all people aged 16-34 are motivating themselves to save in this way. Britons with a savings goal save 45% more every month than those without.
John Prout, NS&I savings spokesperson, said: ‘We are delighted that so many young people are mature beyond their years and saving responsibly. 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.
‘If 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.’
- Which? Best Rate savings accounts – start the year by switching your money into a competitive account
- Are my savings safe? – make sure that you’re clear about the Financial Services Compensation Scheme
- Which? Best Rate cash Isas – the best accounts to use your tax-free savings allowance on