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Young people are champion savers, says NS&I

12 September 2005
Young people aged 16 to 24 are the best savers in the country, according to a quarterly survey by National Savings and Investments (NS&I).

Young savers known as YADs (Young and Determined Savers) have proved they are serious about money by saving ten per cent of their income, the highest percentage compared to any other group in the last quarter.

Senior savings strategist at NS&I, Dax Harkins, said: "The existence of YADS was discovered when we first started to analyse the data. We were delighted to see that the young are leading the way when it comes to savings, which we feel is a highly optimistic sign for the future. Saving is a habit which should be started young and increased in line with earnings."

Money-conscious men consistently saved more than women, with single mothers coming out as the worst savers. Other successful savers included single people and part-time workers.

Regionally, people in Yorkshire and Humberside proved to be the country’s best savers, putting away 8.39 per cent a year, while people in the north-east were the worst.

Britons saved the most in December, January and February. During this quarter over half of the population saved almost seven per cent of their income.

The saving slowdown in spring coincided with the high street slump and the number of people saving regularly fell below half for the first time.

Despite the good news for youngsters, the survey found that Britons are consistently failing to meet their savings targets, setting aside only half as much as they plan to each month.

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