- Monday, 21 June 2010The younger generation could be less likely to need a
debt management plan in the future as the majority realises the importance of saving money.
In a new survey by Lloyds TSB, it was found that a fifth of 20-somethings and nearly a quarter of those aged 18 to 19 aimed to save up £3,000 annually compared to just one in seven of those in their 50s.
Another two-thirds (71 per cent) of those in their 20s revealed that they had learnt their saving habit from their parents while those in their 50s stated that their parents had never discussed money in front of them.
Greg Coughlan from Lloyds TSB savings said: "It's great that money matters are no longer the taboo they once were and parents want their children to learn about savings from an early age."
Getting into a savings habit at a young age will help consumers effectively manage their finances in the future, he added.
Santander also found recently that youngsters were starting to save, putting away 16 per cent more than the national average.
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