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.
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.