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NS&I: Young Brits are saving for the future

According to new data from NS&I‘s Savings Survey, young men aged 25 to 34 are among Britain’s most dedicated savers, putting away an average of £104 each month; well above the national average of £88.

The data shows twenty and thirty-something savers are looking to their future circumstances with nearly half (47%) prioritising saving for a deposit to buy a home, while just a quarter (25%) are saving for a holiday. Saving for an emergency is viewed as equally important as going abroad by young savers, with 23% saving in case of an emergency.

The research revealed that 16 to 24-year-olds are managing to put aside 7.8% of their monthly income, proportionally more than anyone between the ages of 25 and 65. Those aged between 45 and 54 save just 6.7% of their take-home pay each month.

John Prout, NS&I savings spokesperson, said: “We are delighted that so many young people are mature beyond their years and saving responsibly.

“Setting specific targets is a good way to stay motivated, and even if it’s only a small amount being set aside each month the savings soon mount up.

“If you’re struggling with your finances, January is a great chance to start afresh and set achievable goals to work towards over the coming year.”

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