28 Jul

Written by Kathryn Vercillo on July 28, 2010

Teenagers and twenty-somethings have a bad reputation when it comes to saving money. We think of them as too young to have knowledge of the money management skills that they need to engage in serious savings. Combined with the fact that they aren’t yet established enough in the work place to earn a high wage, it’s easy to write off these youngsters as low on the ladder of saving money. However, a new survey indicates that this isn’t true. In fact, it appears that people in their late teens and early twenties are actually better at saving than are the people of their parents’ generation!

The survey found that twice as many of the younger folks were regularly putting money into a savings account as were people in their forties (one out of five teens compared to one out of ten older adults). Two thirds of today’s youngsters started putting money into a savings account before they turned twenty whereas less than half of the older adults surveyed started saving money at a young age. And one out of every five youngsters aims to save at least £3,000 per year compared to only one out of every seven older adults who want to meet that same goal.

What’s really interesting about this is that the older generation is the one that raised the younger generation. Perhaps they managed to teach them some terrific money-saving skills at a young age even if the parents themselves aren’t in the financial position to do the same type of savings. This theory is supported by the fact that the younger adults surveyed were more likely to say that they learned savings habits from their parents than their parents were about the kids’ grandparents. This suggests that money-saving will continue to be passed down to the next generation and things will continue to improve as these teens get older!

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One Comment

  1. 1

    Moneyedup
    August 1st, 2010

    I hope that this trend continues for sure. It is great to hear that youth today have been learning how to save money from their parents. It will be vital for the youth of today to grow up to them pass on their knowledge to their children so that we don’t see problems like overwhelming credit card debt or spending more than you are worth in generations to come.

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