By Kevin Peachey and Daniele Palumbo
BBC News 5 October 2018
BBC News report: “Young people in the UK are losing the savings habit – with more than half of 22 to 29-year-olds living with no savings at all, official figures show.”
The Office of National Statistics (ONS) say that 53% of this group have nothing in a savings account or ISA – this was 41% ten years ago.
Almost four in 10 have no more than £1,000 in savings – see below. For more information see SavingsDrive.
Those who do save have £1,600 in the bank on average – up from £900 a decade ago.
Home ownership has also fallen significantly, with the proportion of 22 to 29-year-olds with their own property falling by 10 percentage points between 2008 and 2017, according to the ONS.
More were living at home or renting.
YouDrive thinks:
This shows what we intuitively feel – young people are in a ‘I want it now’ mindset. This goes hand in hand with the rising level of indebtedness.
