Twenty-something's 'have greater savings ambitions than their parents'

A new study indicates that young adults are looking to save more money than their parents' generation.

According to the research, carried out by Lloyds TSB Savings, 18 per cent of people in their twenties are looking to put away up to £3,000 per year.

This compares to just 13 per cent of those in their fifties who are aiming to achieve this target.

A third of all those surveyed said they realised the importance of saving as teenagers, but less than half of those in their 40's and 50's started to save in their early teens.

This compares to 64 per cent twenty-somethings who started saving before they reached their 18th birthday.

Greg Coughlan, from Lloyds TSB Savings, commented: "Often the biggest barrier to savings is starting in the first place, so it's really encouraging to see that today's young people are taking the first steps in creating a nest egg for the future.

"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."

Last week, Kate Moore, head of savings and investments at Family Investments, aid it is "vitally important" that parents put some money away for their children's future.

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2010-06-22 09:33:49 © Moneyextra.com