Shift in saving for Britain's 18-24s
Some Quick Facts:
- 1/3 are saving more than they were in 2008.
- Over 70% make an effort to save each month.
- 2/5 are preparing themselves for redundancy by saving for an emergency.
The recent rise in unemployment is having a surprisingly positive effect on the saving habits of Britain’s youth, according to the latest research by money-saving website MagicFreebiesUK.co.uk.
MagicFreebiesUK.co.uk questioned nearly 1000 18-24s about their finances, and found that more than 70% are making an effort to save each month, despite 1/5 being unemployed. 60% are saving the same or even more than they were last year, with over 40% saving in case of an emergency such as redundancy.
With 731,000 18-24s currently facing unemployment in Britain – an increase of 36,000 compared with last quarter *[Source:ONS] – 18-24s have been hit the hardest by the recession, but the survey reveals that young people are taking the warnings seriously and making the effort to prepare for their future.
The results also showed that despite their reckless reputation, over 2/3 of young people in Britain do not spend anything on a credit card each month, and out of those that do, over 50% pay off their bill in full at the end of month.
Tom Bryant, founder of MagicFreebiesUK said: “In the current climate the future is uncertain for much of Britain’s youth, but the survey has proven that young people are taking the situation very seriously. Almost half of the savers questioned put money aside for the future, rather than to spend on holidays or cars, and over 50% use a savings account to protect their money.”
The results also revealed that only 1/3 of the sample surveyed saved nothing at all, while 25% of those that do save, manage to put away over £50 per month. The survey also demonstrated however, that despite almost 80% of young people use saving accounts, only 4% would trust an overseas bank with their money.
Updated daily, MagicFreebiesUK.co.uk features a host of money-saving ideas for the UK consumer including the latest free samples, offers and discounts as well as money making ideas and advice on how to make savings on household bills.