Younger people finding it harder to save
Published 15/03/2011 | 05:00
AROUND a third of young people are saving regularly compared with older people where there are much higher rates of saving, a new survey shows.
More than four-out-of-10 over- 50s save on a regular basis, a survey commissioned by Nationwide UK (Ireland) shows.
Older people are more likely to store away money for a rainy day as they are less burdened with personal debts, according personal finance experts.
But those over the age of 50 are critical of government policies, with a majority saying that current state policies discourage saving.
People under the age of 50 feel they should be saving more but debt commitments mean they are unable to increase what they are putting aside.
Managing director of Nationwide UK (Ireland) Brendan Synnott said it was clear that consumers continued to want save or pay off debts ahead of saving.
"However, less and less people are happy with the levels they are currently able to save or think they may be able to save in the future.
"It is also apparent that over and under-50s are facing different pressures which are affecting their attitude towards saving.
"The under-50s group must contend with the expense a younger family brings and larger mortgage debt and as a consequence regular saving, although desirable, is less achievable," he said.