Young male Brits motivated to take up savings accounts

Young male Brits have been revealed to be motivated to take up savings accounts in order to plan for the future in a mature manner, according to recently revealed research findings from National Savings & Investments.

The new Savings Survey from the government’s high interest savings accounts arm says that males between the ages of 25 and 34 are some of the most committed savers in the country, as they put aside around £104 a month on average.  This is much more than the £88 national average, according to NS&I.

Younger males are also saving by a significant margin, as the survey found males between 16 to 24 years of age are taking nearly 8 per cent of their monthly income and depositing it into savings products.  The survey found that this rate is higher than any other category of survey respondents between 25 years and 65 years of age.

Home ownership, financial security and other related goals are found to be motivating younger Brits very strongly.  For those between the ages of 25 and 34, 47 per cent reported that saving up for deposits on major purchases is important, wile 23 per cent said that emergency savings was their motivation – nearly as much as the 25 per cent who said they save to go on holiday.

NS&I said that its survey findings conclusively demonstrated how important goals are in regards to savings activity, with nearly 40 per cent of males between the ages of 16 and 34 have a goal in mind, while the national average stands at only 25 per cent.  Those with goals save an additional 45 per cent monthly, according to the survey.

© 2018 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

Tags: , ,