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Young Britons 'plan to save more in 2015'

09/01/15

The youngest adults appear set to be the most financially prudent in 2015.

The financial sector has faced a huge number of changes in recent years due to the crisis of 2008-09 and its aftermath, but other adjustments may need to be made over time as attitudes to finance change.

While the credit crunch came as a reaction to the problems created by loose lending practices all around the world, many Britons were already suffering the consequences of too much debt.

This may have long-term implications for lending as many people have had to prioritise getting their debt levels down before thinking of carrying out any more borrowing. Moreover, new research from Friends Life has indicated young people are keen to save more instead of piling up debts.

Its study revealed the 18-24 age group was most likely to be financially cautious in 2015, with 32 per cent planning to spend less on leisure, compared with 18 per cent for the population as a whole.

Furthermore, 35 per cent of young people aim to boost their savings levels, with the most common reasons for this being to aid the future purchase of a house (20 per cent) or a car (17 per cent).

Chief executive for Friends Life in the UK Andy Curran said it appears many Britons are more confident about their finances.

He remarked: "This is particularly evident among those aged under 25 who are just entering the workplace and appear to have a healthy approach to saving," adding that this may also be linked to the need for them to do more to prepare for retirement.

With many young people facing other debts such as university tuition fees, it may be there has been a significant change in attitudes, with a determination to ensure they can save for tomorrow where possible instead of borrowing to live for today.

Indeed, such a development may be linked to the tough lessons of the last few years. If so, it could mean the job opportunities in the finance sector are linked more to handling savings than lending money.

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