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Young UK savers “long” for financial advice from grandparents, claims NS&I

Many of Britain’s youngsters are missing out on financial advice from their grandparents, according to a new Savings Survey from NS&I.

More than a third (36%) believe their grandparents are good financial role models, yet only one in ten people (10%) have taken the opportunity to listen to financial advice from senior family members.

NS&I’s data reveals that this information gap comes from a reticence among older generations to share their financial wisdom. Many Britons (37%) of retirement age and older say they are holding back as they believe younger people don’t want to hear what they have to say on money matters.

However, contrary to these views, much of the younger generation of British savers actually long for financial advice from their grandparents. A fifth say older family members are in a better position to give guidance on these matters as they have more time to dedicate to finances.

NS&I savings spokesperson, John Prout, said: “Our findings indicate a lack of communication between generations in some families. When it comes to discussing money management we feel it’s important people share their experiences and we are encouraging all generations to talk openly about finances and help each other plan for the future.

“These are challenging times for all of us, and as younger people are often making financial decisions for the first time having the opinion of someone who has already been through these life stages can be invaluable.

“Grandparents can help the younger generations by giving them useful tips and advice on how to manage expenses such as saving for a deposit on their first home, a new car or simply saving in case of an emergency.

“Our research shows the young want this information and they will benefit from it. Of course young people can also seek advice from an independent financial advisor.”

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