Foundation generation 'are financially savvy'

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Foundation generation 'are financially savvy'

Mon 28th Nov 2011

Britain's foundation generation - those aged between 25 and 35 years old - are bucking the trend of the financial downturn and are handling their finances responsibly and with one eye on long-term saving, it has been claimed.

According to research carried out by Aviva, 50 per cent of this group say they are regularly contributing into a pension, while things like holidays and hobbies do not rate among their highest priorities, with 41 per cent investing in cash Isas and 89 per cent hold a savings account.

Director of workplace savings at Aviva Paul Goodwin said: "With so much concern about people not saving enough for their retirement, it's really good that this younger group of men and women seem to be actively managing their finances and planning for their future."

The publication of these findings follows comments by Martin Bamford, managing director and chartered financial planner at Informed Choice, who claimed people need to be more aware of the financial position in order to budget themselves correctly and to ensure they are adequately saving towards their retirement.

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