According to the words of one personal and business bank account expert, younger Brits may have a rough go of it when it comes to using savings accounts.
Online resource Money Magpie founder, Jasmine Birtles, recently stated that the younger generation of Brits currently in their 20s and their 30s will find it more difficult than their older counterparts to store cash away for their future in savings products such as fixed rate bonds. This is mostly due to the ‘put it on plastic’ mentality that has been drilled into younger Brits by society at large, Ms Birtles added.
The Money Magpie founder remarked that younger Brits feel no compunctions about purchasing everyday needs as well as big-ticket items through the use of a credit card instead of cash. This means few to none are willing to instead save up until they can afford larger purchases without relying on going into debt, she added.
One recently published research survey revealed that approximately eight million Britons may have to make use of their overdraft facility this month. The research, conducted by R3, also found that two million brits feel they may have no recourse but rely on their overdraft facility even without authorisation.
There are far too many younger consumers who would rather lose a limb than cut back their spending, said Ms Birtles. This is because so many of them have grown used to being in a financial state that has allowed them to buy the latest fashions and gadgets every season, she also said.
However, these young Brits are most likely in for a shock, especially when it comes time to pay off their debt and learn how to live on a reduced budget at the same time.