Younger generations 'prioritise debt'

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Younger generations 'prioritise debt'

Wed 16th Dec 2009

Young people are prioritising paying off their debts over other savings and investment options, according to Friends Provident.

As many as 31 per cent of 21 to 29-year-olds are focusing on paying off debts they have already accrued, compared to 25 per cent who are saving towards buying a house and 11 per cent who are hoping to fund a career break.

This age group also seems to be taking saving for the future responsibly, as 44 per cent say they have already started to pay into their company pensions, with 43 per cent paying into their Isas for their future.

James Ward, director of UK corporate at Friends Provident, said: "It is encouraging to see a large percentage of 20-something's taking responsibility for their finances and planning for their future at such a young age - and rightly so."

Friends Provident also found earlier in the year that people in their twenties were dealing with the effects of the depression better than their parents were.

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