Natwest: Young Brits have 'unrealistic' hopes for their financial futures
www.moneynews.co.uk > General finance > Natwest: Young Brits have 'unrealistic' hopes for their financial futures
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Natwest: Young Brits have 'unrealistic' hopes for their financial futures
Mon 10th Mar 2008
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They surveyed 8,500 people between the ages of 11 and 19 and found that the average respondent had an 'expectation gap' of at least £68,983.
Many of them expected to be earning an average salary of £31,190 by the time they are 25, while currently the average annual salary of 22 to 29-year-olds is only £17,817.
Despite the fact that the average age if a first-time-buyer in the UK is 28 - 59 per cent of those surveyed thought they would own their own home by the age of 25.
That is looking even less likely at the moment, as new research from Abbey Mortgages has revealed that almost two-thirds of first-time buyers are delaying moving into the property market.
The optimism does not stop there either, with 43 per cent believing they will leave university with debts of less than £10,000, even though students graduate with an average debt of £12,363 at the moment.
Stephen Moir, the RBS group's head of community investment, said although it was a good thing to have a "hopeful" generation of young people, they also needed to have a "practical and realistic approach" to finances.
Related News : General finance |
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Related News : NatWest |
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