Youngsters 'now the UK's most prudent generation'

Youngsters 'now the UK's most prudent generation'

New research shows that 18 to 34-year-olds save the most money every month.

New research released today reveals that Britain's youngsters are taking up the role as the country's most prudent generation.

According to Santander, a savings habit revolution is potentially underway in the UK as young adults - aged 18 to 34 - are putting 16 per cent more than the national average into their savings accounts every month.

The average saver from this age bracket puts away 134 monthly, a figure that is 25 per cent more than the nation's over-55s, the study suggests. Across all age ranges, the average amount saved per month in Britain stands at 116.

Statistics from the lender's quarterly 'snap shot' barometer of the country's personal finances appear to show that previous trends of savings habits have now reversed, as it now seems that the older someone is, the less money they put away for the future.

It appears that the tough financial times in Britain caused by the global economic downturn may have made the country's younger population decide to be more forward-thinking with their cash instead of putting it into their current account and spending it immediately.

Many youngsters are now eager to compare savings across financial lenders to ensure they get the best deal possible, while research conducted last year by Alliance & Leicester showed that 30 per cent of 16 to 21-year-olds think they will be debt-free by the time they reach their mid-30s.

Reza Attar-Zadeh, director of savings and investments at Santander, said: "The outlook for savings definitely remains positive with young people really setting the standard."

Meanwhile, the lender's research also shows a clear disparity between the savings habits of males and females, with men on average putting away 48 per month more than women. Also, some 39 per cent of the population are not saving anything at all from their monthly earnings at present.

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