Young people in their late teens save more of their earnings each month than their older counterpart...
Young people in their late teens save more of their earnings each month than their older counterparts, suggests research from savings provider Alliance & Leicester.
Even though young people in their late teens and early 20s are likely to earn much less, they expect to save around £189 of their monthly disposable income this month, says the A&L Wealth Tracker Index.
Research is based on interviews with 2,000 individuals assessing their monthly disposable income, how much they save, spend, invest or supplement by borrowing.
Findings also show that men continue to lead the battle of the sexes when it comes to disposable income levels, having 23% more monthly disposable income (excluding borrowing) than women (£377 v £290).
Evidence suggests young people living in the North are a little more frugal and save a fraction more than Londoners, while women also save around ¼ less than men.
Average saving levels now stand at around £112 and has barely moved since June, but people in their mid 20s save around half (£94pm) of that committed by teenagers.
The over 30s tend to be the next group of savers, however, they also appear to be the group of willing to spend most as research suggests they plan to spend £249 per month for the next three months.
Investment has almost halved - the result of falling investor confidence - to 5% or £17 per month, compared with June, but the over 30s are managing to assign £26 per month to investment products.
Alliance & Leicester says borrowing is on the decrease by around a quarter for Q4 (£52 v £28 pm), albeit people in their 20s will fund their 4th quarter spending through debt.
Average figures for spending, saving, investing and borrowing per month for Britons, August 2002
|Total||% of total income (excl. borrow)||Men||% of total income (excl borrow)||Women||% of total income (excl borrow)|
|Total disposable income (with borrowing)||387||453||318|
|Total disposable income (excl / minus borrowing)||335||337||290|
|London||Scotland||Wales||South East||South West||East Midlands|
|Total disposable income (with borrowing)||444||281||553||429||465||346|
|Total disposable income (excl borrowing)||420||258||448||377||344||330|
|West Midlands||East Anglia||North West||North||Yorkshire|
|Total disposable income (with borrowing)||341||351||265||458||345|
|Total disposable income (excl borrowing)||245||268||259||429||295|
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