Almost a quarter of 18- to 22-year-olds are planning on saving for a home deposit, a new study shows.
YouGov research from Standard Life also found the following:
- When asked about their financial priorities for 2014, 7 per cent of Brits said this included selling or buying a home
- Almost a quarter of 18- to 22-year-olds said they were planning on saving for a home deposit compared to 8 per cent overall
- 16 per cent of parents with children aged 16 and over have helped their children get on the housing ladder
- In 2014, more people saw home improvements as a financial priority (18 per cent) than prioritised a family holiday (17 per cent), buying a new car (7 per cent) or saving more into a pension (5 per cent)
- 12 per cent of Brits describe their home as an investment, compared to 18 per cent of adults aged 55 or older
- More than a quarter (26 per cent) of Brits described their home as “the best they can do at the moment” suggesting they aren’t satisfied with their home, but are hoping for better in the future
Standard Life spokesperson Julie Hutchison comments: “Our research shows that the way people view their home differs substantially. For some, it is just a roof over their head, while for others it is their pride and joy.
“Many also acknowledge they would like to have a better home, but are doing their best with what they have. But no matter how people feel about their home, it is still a financial priority for many, whether saving for a deposit or to make home improvements.
“The key for anybody saving for their home is to make their money grow as best it can. That means choosing savings accounts with the best interest rates and saving or investing tax efficiently by making the most of the new ISA too.”
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