- Wednesday, 9 June 2010It could be easier for consumers to stick to
debt management plans if they get into financial difficulties as more people are starting to save money, new research reveals.
According to Santander, the younger generation saves 16 per cent more than the national average and nearly half plan to increase the amount they put away.
Savings can be useful if a consumer unexpectedly loses their job or is unable to work as they can pay off any bills or
debt management plans without getting into further financial trouble.
Reza Attar-Zadeh, director of savings and investments at Santander, said: "The outlook for savings definitely remains positive with young people really setting the standard.
"The past 18 months has demonstrated just how unpredictable the political, economic and financial climate can be, which is why having money to fall back on is so important."
There is a gender gap in the 18-34 age range. Men save about a third more than women every month.
On average men save £139 a month while women set aside £91.
Jasmine Birtles, founder of moneymagpie, believes the recession has been good for young people in the sense that it has given them a better financial education.
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