Young people and savings: Polling results

The financial future of young people in the UK is an issue that requires urgent attention. With youth unemployment at record levels, the prospects for young people have reached a new low. This research aims to capture the mood of young people in such a challenging economic environment. Comparisons with previous polls and research show how the attitudes and behaviour of young people have been impacted by the financial crisis and the new financial landscape they are facing, and allow us to explore other longer-term trends.

This briefing presents findings from an online poll conducted by YouGov with 1,504 young people aged 16 to 29. All the respondents had incomes below the median income of £21,000 for this group.

Most young people do not feel financially secure: 47 per cent either disagreed or strongly disagreed with the statement 'I feel financially secure', compared with 29 per cent who agreed or strongly agreed. However, 59 per cent agreed or strongly agreed with the statements 'I have control over my finances' and 'I have control over my life'. Across the range of issues covered, age and employment status tended to exert a stronger influence on responses than income, with younger respondents and those in employment or study exhibiting greater security or optimism about their financial circumstances.