According to latest figures from the Office for National Statistics (ONS) more than half of people in their twenties have no savings at all. But data has also shown that young people are less likely to be in debt.
The ONS revealed that 53% of 22 – 29 year old’s had no money in savings in 2014 to 2016 compared to 41% in 2008 to 2010.
For those that do have savings, the average amount saved has gone up to £1,600 from £900. For those that have debt, this figure has increased from £1,800 to £1,900 on average, however 37%now have debt compared to 49% in 2008 to 2010.
Meanwhile, the proportion of homeowners fell by 10% between 2008 and 2017 from 37% to 27%.
If you would like advice on how to start saving for your future, please do not hesitate to contact us on 01202 676983.