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| Low wages and bills 'hit 18-35s' savings ambitions' | |
| (about 9 hours later) | |
| The under-35s are not a spendthrift generation, but are struggling to save owing to daily financial pressures and low wages, a trade body has said. | The under-35s are not a spendthrift generation, but are struggling to save owing to daily financial pressures and low wages, a trade body has said. |
| Young adults aged 18 to 35 are often described as the Yolo (you only live once) generation. | Young adults aged 18 to 35 are often described as the Yolo (you only live once) generation. |
| But the Pensions and Lifetime Savings Association said that label was unfair, claiming that as many got satisfaction from saving as did from spending. | But the Pensions and Lifetime Savings Association said that label was unfair, claiming that as many got satisfaction from saving as did from spending. |
| The cost of living and low salaries were the biggest barriers to saving. | The cost of living and low salaries were the biggest barriers to saving. |
| Fewer thought that their lifestyle scuppered any attempts to save. | Fewer thought that their lifestyle scuppered any attempts to save. |
| The association's research with a relatively small group of 18 to 35-year-olds suggested that the majority were not racking up debts, outside of student loans. About a third were saving for a rainy day and a third were saving for a one-off such as a car, holiday or television. | The association's research with a relatively small group of 18 to 35-year-olds suggested that the majority were not racking up debts, outside of student loans. About a third were saving for a rainy day and a third were saving for a one-off such as a car, holiday or television. |
| Joanne Segars, chief executive of the association, which represents pension providers, said: "The 18-35 year olds are no different to many people - they want to save for a secure future, but short-term financial pressures get in the way. | Joanne Segars, chief executive of the association, which represents pension providers, said: "The 18-35 year olds are no different to many people - they want to save for a secure future, but short-term financial pressures get in the way. |
| "It is not surprising that without help, this group prioritises short-term over long-term saving, given the current rock-bottom interest rates and low wage increases." | "It is not surprising that without help, this group prioritises short-term over long-term saving, given the current rock-bottom interest rates and low wage increases." |
| Count the Penneys | Count the Penneys |
| Brothers Alex and Joe Penney are at different stages of their financial journey - and they have different priorities as a result. | Brothers Alex and Joe Penney are at different stages of their financial journey - and they have different priorities as a result. |
| Joe, 19, is soon to leave for university in Edinburgh to study philosophy and economics and is expecting to start building up a student debt. | Joe, 19, is soon to leave for university in Edinburgh to study philosophy and economics and is expecting to start building up a student debt. |
| He is hoping to get a part-time job to help pay for some of the day-to-day costs of student life. | He is hoping to get a part-time job to help pay for some of the day-to-day costs of student life. |
| "It might take a while in terms of properly saving for the big things, but I will try to save a little bit of it," he said. | "It might take a while in terms of properly saving for the big things, but I will try to save a little bit of it," he said. |
| Alex, 23, is just about to start work in a graduate programme in a new city, having completed his studies - and has the debts to show for it. He has already mapped out a savings and investment strategy. | Alex, 23, is just about to start work in a graduate programme in a new city, having completed his studies - and has the debts to show for it. He has already mapped out a savings and investment strategy. |
| "I am hoping to start saving from my first pay cheque. The only thing stopping me is the deposit, rent and fees when I move," he said. | "I am hoping to start saving from my first pay cheque. The only thing stopping me is the deposit, rent and fees when I move," he said. |
| "Most people [my age] are scared of the stock market, but I'm interested in it all." | "Most people [my age] are scared of the stock market, but I'm interested in it all." |
| Joe said he expected to ask his brother for advice in the future. | Joe said he expected to ask his brother for advice in the future. |
| "He has it pretty well sorted," he said. | "He has it pretty well sorted," he said. |
| One pensions provider said that rising rental costs were eating up more and more of young people's funds as they strived to own a property. | One pensions provider said that rising rental costs were eating up more and more of young people's funds as they strived to own a property. |
| "The gap between wages and property prices continues to widen. Faced with these property pressures, it is understandable that the need to save for retirement can feel like a luxury few can afford," said Alistair McQueen, savings and retirement manager at Aviva. | "The gap between wages and property prices continues to widen. Faced with these property pressures, it is understandable that the need to save for retirement can feel like a luxury few can afford," said Alistair McQueen, savings and retirement manager at Aviva. |
| "It is to the millennials' credit that more than half see saving for their retirement as a financial priority. It is also to their credit that more prioritise long-term saving than short-term spending." | "It is to the millennials' credit that more than half see saving for their retirement as a financial priority. It is also to their credit that more prioritise long-term saving than short-term spending." |