Millenials are saving more than any other generation

A study by Opinium on behalf of Charter Savings Bank has revealed that Millenials are saving more than any other generation and getting on the savings ladder as soon as possible.  

In 2016 , Millenials saved an average of £3,701, which is more than £450 higher than the baby boomer generation and Generation X, who saved £3,226 and £3,238 respectively.

Despite 2016 being a turbulent year in the UK, with interest rates taking a further hit in August down to 0.25 %, three fifths (78%) of millenials saved money in 2016 and almost two in five made regularly monthly saving deposits.

When asked why they were committed to saving, 14% said they believed regular savings were beneficial to the overall pot, while 18% cited their desire to buy a home in 2017.

Read more about the research here.