Young people 'need encouragement to save' - Younger people require encouragement to put cash aside for their future, it has been said.
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You are here: DIME Home > Investing > Young people 'need encouragement to save'
Younger people require encouragement to put cash aside for their future, it has been said.
Author: Sam Gooch
Date: Mar 15, 2011 - 8:29:03 AM
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Younger people require encouragement to put cash aside for their future,
it has been said.
Younger members of British
society need to be given encouragement to compare savings and then actively use products
such as cash ISAs and bonds, an expert has
suggested.
According to Jason Riddle, co-founder of
campaign group Save Our Savers, more needs to be done in order to make
sure that young people are thinking about their future by storing cash
away in the present.
Mr Riddle explained that the
youth of today will find it harder to adopt a habit of saving in the
wake of the recession and added that "there's a real
risk of this generation reaching middle age without any meaningful
financial provisions".
He noted that
"young people today will be picking up the bill for the
financial crisis for a very long time to come", as increased
taxation and higher debts take their
toll.
Meanwhile, Scottish Widows last week (March
3rd 2011) revealed that more that a third of all adults in the UK are
not currently saving at all.
An expert has advised
people on how they can avoid spending more than they
earn.
Many Britons may find themselves regularly
needing to resort to dipping in to their savings accounts or putting
expenses on their credit card in the days leading up to their next pay
day.
However, according to Ed Bowsher, head of
consumer finance at lovemoney.com, there are a few simple steps
consumers can take in order to make sure their current account balance
is sufficient by helping their wages stretch
further.
Mr Bowsher noted that forming a monthly
budget is crucial, as "if you monitor what you spend and plan
your future spending with real care, your spending should
fall".
He was speaking after the release
of official government figures by the Resolution Foundation recently
(February 28th 2011), which revealed that average pay is on course to be
no higher in 2015 than it was in 2003, even though inflation looks set
to continue to rise.
The lovemoney.com official
added that there are ways of boosting income, such as renting out a
spare room.
UK Price Comparison website http://www.which4u.co.uk Compares Credit
Cards, Savings Accounts, Fixed Rate Bonds, Bank Accounts, ISAs, Loans,
Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find
the best UK deals
View all articles by Sam Gooch
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