Younger people getting the message on saving

ECONOMIC uncertainty has made saving more attractive to younger people, who are becoming much more likely to set some money aside for the future.

Research from Mintel shows more than a third of those aged between 18 and 24 say they have increased the amount they save.

The survey on British attitudes to debt shows the economic downturn is changing attitudes to debt, with 70 per cent saying they are trying not to run up further debts and 41 per cent saying they are trying to reduce the amount they owe.

Three-quarters of UK consumers say they are keeping a much closer eye on their finances than they did before.

Deborah Osguthorpe, head of UK Financial Services Researchh said: “This latest research highlights a significant shift in the nation’s attitude towards credit – and a shift in generational attitudes.

“While previous years saw credit easy to come by with less stigma attached to borrowing, growing up in a legacy of economic crisis has forced a new generation to reassess and reevaluate their attitude towards debt. Both consumers and banks are repairing their own balance sheets and returning to traditional values.

“Although older consumers remain the most credit averse, there are indications that younger consumers are trying to increase their level of savings as a consequence of the recent economic challenges.”