Young people 'finding it hard to save'

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Young people 'finding it hard to save'

Thu 10th Nov 2011

It is becoming increasingly difficult for young people across the UK to access high interest savings accounts offering rates that are good enough to give them a healthy return for the future, it has been revealed.

Annie Shaw, editor of CashQuestions.com, said there are a number of issues that are impacting on this group at present, but people need to be aware of the power of compound interest and that saving a little often can be a great way to build up a nest egg for the future, although this can be easier said than done.

She commented: "Unemployment amongst young people is huge. There is a very large unemployment rate both for youth and for graduates and non graduates. It is very hard on young people."

According to research carried out by Churchill Home Insurance, more than a quarter (28 per cent) of young couples in the UK are making hard decisions at present about whether to save for a home or to start a family, as many cannot afford to do both.

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