Data5 has revealed that 20% of 16-21-year olds believe they will “need savings to succeed in life”, but 17% say they currently don’t save anything. Of those who save regularly, six out of ten put their cash with a bank, while 22% save money at home.
One fifth of respondents were unable to identify what ‘ISA’ stands for, whilst 33% didn’t know how much you can save into one. Four out of ten said they don’t have an ISA; the survey suggests that a lack of knowledge and financial education is partly to blame.
The survey highlights that family members are integral to encouraging this age group to save money, as 15% of respondents said they would definitely save more if their family was better at saving.