Millennials are saving more than any other generation
A study by Opinium on behalf of Charter Savings Bank has revealed that Millennials are saving more than any other generation and getting on the savings ladder as soon as possible. †
In 2016 , Millennials saved an average of £3,701, which is more than £450 higher than the baby boomer generation and Generation X, who saved £3,226 and £3,238 respectively.
Despite 2016 being a turbulent year in the UK, with interest rates taking a further hit in August down to 0.25 %, three fifths (78%) of millennials saved money in 2016 and almost two in five made regularly monthly saving deposits.
When asked why they were committed to saving, 14% said they believed regular savings were beneficial to the overall pot, while 18% cited their desire to buy a home in 2017.
Read more about the research here.