Young people prioritising starting a business over saving for a house deposit [Video]
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Entrepreneurship

Young people prioritising starting a business over saving for a house deposit [Video]

Young people are prioritising medium-term investments, such as starting a business, over long-term goals such as saving for a house deposit.

A new study of 2,000 people aged 18โ€“35 has revealed a notable shift in the savings aspirations of young people when compared with those of their parents. It found this group are more likely to prioritise saving towards travelling, attending festivals and wellness, leaning towards spontaneous life experiences over longer-term financial goals.

The study, commissioned by NatWest to launch a new youth-focused savings challenge, found that while conventional savings goals are still part of young peopleโ€™s financial picture, priorities have shifted. Twenty-nine per cent of young adults who are saving towards long-term goals are allocating 20% or less of their savings towards this, with 50% focusing on medium-term goals.

NatWest is encouraging young people to build healthy monthly savings habits by launching Couch to Cash: the ยฃ5K Challenge. To accompany the challenge, Team GB Olympic gold medallists Alistair and …

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