Young Brits more encouraged to save than take out loans

By Sarah Engle, Wed 3 Aug 2011 - Published in Loans

Rather than taking out loans young Brits are helping the country become a nation of savers, according to moneysupermarket.com.

The website's research found that the average age for people to start putting money into a nest egg in the UK is 25.

Its report also revealed that 40 per cent of Britons admit to not currently saving and two-fifths of these people have never put cash away in the past.

Kevin Mountford, head of banking at moneysupermarket.com, said: "With household budgets being squeezed across the UK, consumers may have to be flexible about how and when they are putting money aside.

"As a rule, people should always try to avoid dipping into their pots," he added.

Standard Life research recently revealed that although the current economic climate is not encouraging in the country over two-fifths of Britons have been able to save in the last 12 months.

Its survey found that 25 to 34-year-olds are the most likely age group to put money away in the UK.

News Categories

News Archive

News: Young Brits more encouraged to save than take out loans