Date Published: 23/08/2019 15:26
So how much do you save? It seems it all depends on how old you are. A new report by Scottish Widows has found that only 40 per cent of young people are saving what it believes to be an ‘adequate’ amount. Scottish Widows defines that amount as 12 per cent or more of your income. Compare that to those aged over 30, where 59 per cent of people are said to be saving enough.
And delve deeper into the research and you will find that 14 per cent of people aged between 20 and 29 are not saving at all; one in five (20 per cent) are saving up to six per cent of their wages, and 26 per cent are saving between six and 12 per cent.
So, what is going on? Scottish Widows says the savings gap is not surprising, but it is worrying. By not starting sooner they are missing out on the power of long-term growth. Some young savers are saving for a specific goal; for many it is buying a house. But for others it may be that there is no specific goal and perhaps no urgency when other needs seem more pressing.
What can be done to encourage more saving? The life insurance and pensions company suggest better education among other solutions. Is that what we need? More education in our schools, so our children come out more financially literate. It is something worth considering surely?
If you want to know more about saving and investing, please get in touch. You can read more about the fundamentals of investment and download our guide here.
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