Young men ‘save the most’

Young men are some of Britain’s most dedicated savers and are motivated by financial security and the desire to own property, according to data released today.

Men aged between 25 and 34 are saving an average of £104 every month, compared to the national average of £88 in the same period, NS&I’s Savings Survey found.

Women in the same age bracket are saving an average of £76 a month. Almost four in ten men between the ages of 16 and 34 have a savings goal, compared with just over a quarter of the country as a whole.

John Prout, savings spokesman for NS&I, 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.”