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Young people are saving to buy

Figures from Nationwide show that 34% of younger workers aged between 18 and 34 are saving for a deposit to allow them to move home or take their first steps onto the property ladder.

Nia Williams, 7 February, 2012

The survey of 1,316 Britons also found 31% of young people save money in case of a change in circumstances, such as losing their job. A further 16% save with the aim of paying off their debts.

However the figures suggest that 95% of those in that age bracket do not put cash aside for their old age.

Richard Marriott, Nationwide's head of savings, said: "Encouraging young people to adopt a savings habit early on is vital. Just putting aside a small amount on a regular basis can make a huge difference.”


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