{"id":2908,"date":"2018-10-05T09:57:27","date_gmt":"2018-10-05T09:57:27","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/half-of-twenty-somethings-have-no-savings\/"},"modified":"2018-10-05T09:57:27","modified_gmt":"2018-10-05T09:57:27","slug":"half-of-twenty-somethings-have-no-savings","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/half-of-twenty-somethings-have-no-savings\/","title":{"rendered":"Half of twenty-somethings have no savings"},"content":{"rendered":"\n
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Young people in the UK are losing the savings habit – with more than half of 22 to 29-year-olds living with no savings at all, official figures show.<\/p>\n

Some 53% of this age group have nothing in a savings account or Individual Savings Account (Isa), the Office for National Statistics (ONS) said.<\/p>\n

The squeeze on pay and the prevalence of insecure work mean many cannot put money aside.<\/p>\n

Ten years ago, at the start of the financial crisis, 41% had no savings.<\/p>\n

Among those who are saving now, seen in the chart below, nearly four in 10 have no more than \u00a31,000 tucked away.<\/p>\n

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On average, those in this age group who do save have \u00a31,600 in the bank – up from \u00a3900 a decade ago.<\/p>\n

However, a savings gap has also emerged with the top 10% of savers having \u00a315,000 or more set aside, according to the latest figures from 2014 to 2016, compared with the bottom 10% who had less than \u00a3100.<\/p>\n

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Savings tips: Andy Webb, blogger – Be Clever With Your Cash<\/h2>\n
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  1. Pay your savings first – set up a standing order to move money after payday.<\/li>\n
  2. Automate your savings – link your bank account to a smart app. The app analyses your spending habits and decides how much you can afford to save, and automatically moves the money into a savings account.<\/li>\n
  3. Round up your spending – some banks have a feature where you can round up transactions to the nearest pound. So spend \u00a31.30 and 70p will be moved to a separate pot.<\/li>\n
  4. Make it difficult to spend your savings – if you are likely to dip into your savings for impulse purchases, keep the money in an account which is hard to access.<\/li>\n
  5. Spend in cash – if you’re going on a night out, take cash with you and leave your cards at home. Then dump any change you have left to gradually build up a pot of notes and coins.<\/li>\n<\/ol>\n