48% of 16 to 24-year-olds ‘have not put any money in savings in past year’
Nearly half (48%) of Gen-Zs aged 16 to 24 have not put any money into savings in the past year, a survey indicates.
The research, published by HSBC UK and Young Enterprise, was released to mark My Money Week in the week starting on June 15.
Nearly two-thirds (63%) of people in this age group said they worry about spending money, rising to 64% of 16 to 19-year-olds, according to the survey of more than 1,000 16 to 24-year-olds across the UK carried out in April and May.
Six in 10 (59%) of 16 to 19-year-olds said they feel “guilt” when they spend money.
Sarah Porretta, chief executive of Young Enterprise, said: “What this research shows is a generation under real pressure – they have grown up through first the Covid pandemic and then cost of living challenges and are worried about spending, struggling to save.”
Natalie Gregoire-Skeete, head of societal purpose and sustainability at HSBC UK, said: “Financial confidence starts early, and these findings show just how important it is that young people have access to trusted, judgment-free financial education.
“When young people feel unable to save and anxious about spending, it’s a clear sign we need to do more collectively – across schools, families, charities and businesses – to help build the skills and confidence they need for the future.”
