Data from the latest NS&I Savings Survey has revealed that young men aged 25-34 are amongst Britain’s most dedicated savers – they put away an average of £104 each month, well above the national average of £88.
The survey goes on to find:
- 47% of this group are prioritising saving in order to afford a deposit for a home, while 25% are saving for a holiday and 23% are saving to ensure financial security in case of an emergency.
- On a proportional basis, young people aged between 16 and 24 are managing to put aside 7.8% of their monthly income, which is a higher rate than anyone in the 25-65 age range.
Source: Credit Action – February 2012 edition