Young people 'are Britain's best savers'

Wednesday, June 9th 2010

Young adults aged between 18 and 34 appear to be the nation's greatest savers of cash, with an average of £134 banked each month.

That is according to new research by Santander, which shows people in the age group are saving more than the national average of £116.

In addition to this, nearly half of young people are planning to increase the amount they put aside in the coming months.

Reza Attar-Zadeh, director of savings and investments at the building society, says: "The outlook for savings definitely remains positive with young people really setting the standard. These latest statistics prove that the recession has changed people's attitudes to saving."

One reason given by the expert that could explain the savings drive is the rising deposit required of first-time buyers, which is now typically £33,000.

However, last month, lenders offered a ten per cent mortgage for the first time since the recession began.