Why Don’t the Young Save Money?


New research by BankingRefunds.co.uk

New research by BankingRefunds.co.uk. discovered half of 18-24-year-olds struggle to save money, preferring to spend rather than save making them unable to afford larger items sucgh as cars or house deposits. The research asked a sample of 1,000 about their financial activity. Only 20% said they would change their habits if their credit rating was at risk, 36% had lost more than £500 over 24 months. Busy lifestyles are blamed and the report goes on to suggest the top financial mistakes people make;

1)      Taking money out of savings (40 per cent)

2)      Failing to check that a receipt is correct (30 per cent)

3)      Not checking bank balance for over a week (27 per cent)

4)     Leaving a letter from the bank unopened for over a week (20 per cent)

5)     Splashing out on pay day (19 per cent)