“YOUNG adults are ditching long-term savings goals in favour of travelling, wellness and crypto. A poll of 2,000 18–35-year-olds found more have these six-to-18-month money ambitions (50%) compared to longer ones (40%), like saving for a house deposit. 5 Olympic heroes Alistair and Jonny Brownlee have partnered with NatWest for their Couch to Cash: the”, — write: www.thesun.co.uk
A poll of 2,000 18–35-year-olds found more have these six-to-18-month money ambitions (50%) compared to longer ones (40%), like saving for a house deposit.
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Olympic heroes Alistair and Jonny Brownlee have partnered with NatWest for their Couch to Cash: the £5K Challenge
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The pair have shared their top tips for saving cash
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They recommend trying ‘loud budgeting’ and sharing your savings goals with others to stay accountableTravelling is the number one target for this group in this timeframe (39%), followed by 24% hoping to put enough money aside to start a business.
Others are putting money away to allow them to go on a health and wellness retreat (20%), to tie the knot with their other half (15%), and get an electric motor (13%).
While 12% are even squirrelling cash away for the upcoming festival season.
Almost all (97%) of those who have savings make use of different pots, with 45% having three or more.
While 72% of those with goals believe they would benefit from new savings strategies to help them reach their aims.
But only a third (32%) have used their Individual Savings Account (ISA) 2024/25 tax year allowance, although 35% who haven’t intend to do so before the early April deadline.
The research was commissioned by NatWest, to encourage young people to build healthy monthly savings habits with Couch to Cash: the £5K Challenge.
The bank has also partnered with Team GB Olympic gold medallists Alistair and Jonny Brownlee to provide helpful tips to tackle the key barriers to saving.
Mo Watt, a savings expert from NatWest, said: “47% of young people today believe their savings goals differ from those of their parents at the same age and our research sheds more light on this generational shift in attitudes.
“We know that regular savings – no matter how big or small – can add up to make a big difference down the line.
“The challenge aims to provide useful tips for those who are looking to get started or want some additional structure to their savings journey.”
Highlighting the different views from previous generations, nearly half (47%) of those believe their mums and dads would have saved a greater percentage of their income towards long-term goals.
Despite this, 74% of those with long-term savings goals would like to be saving more towards their long-term saving goals.
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Alistair and Jonny Brownlee celebrate after the men’s triathlon at the 2016 OlympicsCredit: Getty – Contributor
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The British-born brothers are an iconic Team GB duoCredit: Charlie Clift – The Sunday Times