Research Shows 18-35 Year Olds Living for Today Not Tomorrow
Research carried out by RateSetter is showing that 60% of young adults aged between 18-30 are not planning financially for their future. It would appear the You Only Live Once (YOLO) generation is aptly named.
60% of respondents stated they prioritised going out and takeaway food, while 35% stated they could not imagine owning their own home unless they inherited it. A thousand respondents were surveyed in total.
Other findings showed that 53% admitted to takeaway food once every two weeks, and 77% spent in excess of £20 on one order.
Interestingly, when saving did come into play it was normally for other here and now things such as holidays. 60% stated that this was the case in the survey.
Many did not realise that 0.3% was not a good rate of return and few moved their money around to find a better rate.
Increasingly, it is important that the 18-30 age group start saving now to see their investment pots build. Compound interest is a marvellous thing and year on year increases savings for free. The trick is to use a goof financial planner that can help you make the right decisions for a better wealthier future.
Rhydian Lewis of RateSetter said:
“With interest rates languishing at historical lows for several years and recently cut even closer to zero, it is all the more important for young people to ensure that they get on top of their finances.”
Correspondingly, research carried out by Nationwide showed that parents are cutting back on ‘luxuries’ to pay for things like their child’s university education. 34% have stated they have stopped saving money, diverting it into the university endeavour, while 29% have stopped going on holiday diverting the money to a university fund.
Financial Planning is the Answer
Whether you are a parent or fall within the YOLO age group, good financial planning is key to success. Click here and complete the CALL BACK SERVICE form and we can plan your savings ensuring you take advantage of all the financial opportunities available.
Sources: This is Money