More millennials saving towards financial future

According to research published by digital bank Revolut, a greater number of millennials are taking steps to prepare for their financial futures than previously thought.

In the last few years, there have been several studies attempting to highlight a pattern that millennials aren’t concerned about saving towards their future, with older generations accusing them of not knowing how much they need to live on or even how to save.

The new data has revealed these claims to be false, with the vast majority (67 per cent) of 18-38-year-old respondents regularly saving money, with just under two thirds (63 per cent) expressing concerns about their financial future.

The survey looked at the various attitudes towards money of millennials.

A record number of 18-38-year-olds were found to regularly use mobile banking apps to keep on top of their spending and half of young people have even stated they enjoy handling their finances.

However, with the rising living costs and lack of growth in wages almost half (47 per cent) admit to finding it difficult to save each month with 10 per cent of respondents unable to save anything at all.

Saving towards a first home (33 per cent) or a holiday (30 per cent) were the main thought processes behind millennials attempts to save.

The Revolut study then delved further into feelings regarding property. There was a general agreement that whether they decide to rent or buy, millennials are facing having to spend a greater proportion of their income on housing than other generations.

Over three quarters (78 per cent) of millennials do not want to rent for the rest of their lives and almost a third (32 per cent) are concerned that they will never own a home.

As expected, many new buyers will rely on their parents for financial support to make their first property purchase, with 45 per cent requiring financial help from family and friends to get on the property ladder.

More than half of people (58 per cent), however, were confused by the whole process behind mortgages and called for more support and advice to be provided. It was a similar story regarding pensions, with (60 per cent) wanting more support and advice from employers.