Despite the financial pressures facing young people, NatWest’s latest Savings Index reveals younger generations are building positive savings habits, breaking traditional taboos around talking about money, and “seeking innovative ways through social media to create a more secure financial future.”
Almost nine in ten (86%) of 18-24-year-olds “openly talk about their money compared to only three in five (63%) of those aged over 65.”
Millennials setting aside between £200 and £500 “a month for savings.”
Almost all 18- 34-year (98%) olds are managing “to save something every month.”
In spite of the mounting pressures facing younger generations, NatWest’s Savings Index reveals younger consumes are “building positive savings habits, breaking traditional taboos around talking about money, and seeking innovative ways through social media to create a more secure financial future.”
The survey of 10,000 people across the UK found “how 18-34-year-olds are dealing with the challenges of saving money and the findings show how young Brits are showing resilience and creativity in their approach to developing a savings habit.”
Younger people are increasingly willing to talk “openly about their finances.”
Nearly nine in ten (86%) of those under 34 regularly “discuss their savings and financial goals.”
This is a shift away from the traditional taboo “surrounding money conversations, suggesting that young adults are more comfortable seeking advice and sharing strategies to improve their financial well-being.”
The younger generation is also turning “to social media for financial advice and inspiration. Among 18-24-year-olds, nearly one in five (17%) look to social media for tips on how to save and manage money.”
Millennials (aged 35-44) are particularly “focused on saving, with one in four (24%) managing to set aside between £200 and £500 each month.”
This age group is often balancing the demands of “career progression, family, and homeownership.”
NatWest has recently become one of “the first partners to sign up to the Money and Pensions (MaPS) UK Savings Charter which aims to build a nation of savers through raising the profile of savings and financial wellbeing to consumers.”
NatWest offers a range of savings tools to help savers either start or continue their savings journey including:
- Round Ups, which automatically rounds each transaction to the nearest pound and saves the difference. Customers can also set this to double the amount saved with Double Round Ups.
- Savers can take advantage of NatWest’s Digital Regular Saver which offers 6% interest on savings and help to build a regular savings habit.
- Savings Goal tool which supports customers to put a plan in place to achieve their goal.
A free and confidential Financial Health check to get tips and suggestions on how you could improve your finances.
The survey was carried out by OnePoll who “surveyed 10 000 UK: Adults (nationally representative on the basis of age / gender / region).”
