Zopa: Younger generations are saving more than you think
THE younger generation is more financially savvy than it is given credit for, Zopa claims.
Analysis by the peer-to-peer lender found that generation Z – those aged 18 to 22 – and millennials – people aged 23 to 38 – are more in control of their savings than expected.
A poll of 1,500 individuals found 35 per cent of those in generation Z have more than £1,000 in a savings account, which increases to 52 per cent among millennials.
Zopa said it is a “common misconception” that younger generations aren’t prioritising saving, and said they were helped by online and mobile banking as well as more open attitudes when it comes to talking about money.
Read more: Zopa passes £4bn lending milestone
“Our latest research shows that the younger working generations are setting a new agenda for their financial futures,” Andrew Lawson (pictured), chief product officer at Zopa, said.
“With generation Z showing they are the savviest when it comes to financial control, it may be time to wave farewell to the idea of the bank of mum and dad.
“Getting a grip on your finances at any age is crucial to feeling positive and in control of your financial situation, which can go a long way to feeling good about money.
As more and more tools come to market to help people stay in control of their money, the generations that are more open to trying new apps and features are getting better and more adept at managing their finances. These tools aren’t just for the younger generation though, you can become financially savvy at any age.”
Read more: Millennials dominate European P2P lending