Lloyds TSB: Youngsters better at saving than parents

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Lloyds TSB: Youngsters better at saving than parents

Young people are much better at managing their finances than their parents, a new study has found.

According to research by Lloyds TSB, one in seven people in their 50s aim to save up to £3,000 every year.

By contrast, almost one in five consumers in their 20s intend to save this amount of money annually, along with almost a quarter of 18 to 19-year-olds.

Greg Coughlan, spokesman for Lloyds TSB Savings, said it is encouraging to see that young people are keen to plan ahead for the future.

He stated that the findings show money matters are no longer considered a taboo and that youngsters want to understand and deal with their finances.

"The increased knowledge of the importance of saving and budgeting will help them to effectively manage their money and financial commitments now and in the future," Mr Coughlan commented.

Life coach Mo Shapiro added that developing a savings habit early means it will not be considered an "imposed chore or burden".

This backs up the findings of a similar study by Santander Savings, which praised young people for setting the standard with regards to financial management.

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