Younger generation save more than elders, says Abbey

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Younger generation save more than elders, says Abbey

Abbey Savings has conducted a survey which reveals that the age-old adage about elders being betters does not hold true when it comes to saving.

The bank conducted research which shows that people between the ages of 18 and 34 are saving more than those from the older generation, as they cut back on spending more drastically during the credit crunch.

Abbey Savings figures show that the average 18-34-year-old saved up to £826 pounds more over the course of last year than the average person over the age of 55.

A spokesperson for Abbey said: "In the current climate many people are determined to tighten their belts."

The bank added: "Perhaps surprisingly, it is the youngsters that are embracing thrift the most."

Figures released by the Office for National Statistics recently revealed that pensioners spend a larger proportion of their income on essentials such as food and heating, meaning they may not be able to increase their savings as much as younger people.

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