Halifax says young people need education about the savings market
A Halifax generation save report says young people have stronger saving habits than their elders but are less informed about the savings market.
In the report, Halifax says people aged 18-24 are eight per cent more likely to save than people aged over 55 and 12 per cent more likely than the population's average.
Although the younger generation has stronger savings habits, they are the least informed demographic when it comes to the market. Giles Martin, head of Halifax savings, would like to see that change.
“This means understanding the rate of savings interest they are getting, and seeking out alternatives where they could be getting a better deal," Martins said. "It’s also important that all savers, irrespective of age, make sure they understand the changes that are launching in the new tax year, which have been designed to help make their money work harder for them.”