Young people and savings: Polling results

Article

The polling reported here provides an opportunity to examine the attitudes young people have towards their future, looking at their expectations with regards to standards of living, home ownership and careers.

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.

Related items

  1. A row of international flags flying in the breeze outside a building in Paris on a sunny day

    Diversifying diplomacy: UK strategy in a fragmenting world

    How the UK might build more durable international partnerships in energy, defence and technology.
  2. A 'To Let' sign outside a row of houses on a residential street, UK

    High housing costs in the private rental sector: The case for action

    45 per cent of all private renters in the UK have unaffordable rents. It's time for the government to act to limit rent increases.
  3. A wide shot of several large commercial vessels, including oil tankers and a survey boat, floating on turquoise water. In the background, an industrial shoreline with numerous smokestacks and refinery infrastructure is visible under a cloudy sky. Concept of global logistics, maritime industry, and international trade.

    Price caps and economic stability: How to manage the Iran war energy shock?

    The Iran war energy shock will impose significant costs on the UK economy, even if the government does not offer a universal support package.