'More needs to be done' to encourage young savers

Young people in the UK are not looking for the best savings rates and Save Our Savers believe that more needs to be done to encourage the younger generation to save.

Jason Riddle, co-founder of the group, believes that the young people of today will find it even harder to get into a habit of savings the longer they take to get into the routine of putting money aside.

"Unless more is done to support and encourage saving, there's a real risk of this generation reaching middle age without any meaningful financial provisions," he added.

He explained that young people will be forced to pick up the pieces of the recent recession and economic downturn in the form of higher taxes and soaring debts.

Mr Riddle noted that this fact will make it even more difficult for young people to take advantage of the competitive savings interest rates on the market.

According to a recent Scottish Widows survey, the recession has turned Brits into a nation that shun saving as more than one in three UK adults are failing to save anything.
 

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2011-03-09 12:52:11 © Moneyextra.com