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A&L finds ambitious young workers eager to save

20 June 2007
A more assured financial future may await Britain's young professionals if they meet their expectations, Alliance & Leicester has claimed.

Almost a quarter of 16 to 21-year-olds already in work said they expected to earn £40,000 within the next ten years.

A third of the young people surveyed said they aimed to be clear of debt by the age of 35 and a quarter were already debt-free after avoiding student loans by deciding against going to university.

The experience of working had sharpened many young people's attitudes to money, with four in ten saying they were more careful with money since beginning earning.

But with such "high hopes" for their earning potential, Helen Palmer, current accounts manager at Alliance & Leicester stressed it is important that young people also learn the benefits of "putting money aside for a rainy day".

Earlier this year, a Department for Work and Pensions report showed that 'lifestage' can be a key barrier to saving for young people who have not yet begun thinking seriously about the future.

"The keenest savers," the report added, "tended to be those who had the clearest plans for what they wanted to be doing in the future".

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