Saving money is not always easy, but is essential if you want to secure your future. Whether it is for something long term, or maybe for a rainy day, we all have dreams about what we would like to do with our money.
This is easier said than done though. As house prices spiral and wages continue to stagnate, it has never been more difficult to save up a nest egg.
New research from Equiniti Employee Services has found that one of the biggest financial worries for young people is getting their foot on the housing ladder.
According to the poll over 1,000 employees, 43% of 18-24 year olds feel that their biggest financial challenge is getting on the housing ladder. Debt comes in a close second for this age group, with 23% worried about student loans and 33% worried about clearing debt.
It is a similar story for 25-34 year olds, with clearing debt (33%) and getting a foothold in the property market (29%) their biggest concern.
Four out of ten (40%) aged 35-44 see paying off the mortgage as their biggest financial challenge.
Meanwhile, almost one in three (30%) people from those aged 45-54, and also from those aged over 55, say that their greatest financial challenge is not being able to retire.
Phil Ainsley, managing director of Employee Services at Equiniti, said: “The research reinforces our understanding of how the financial challenges for people change as they move through different phases of their live. Whatever stage of life, there is always something that we need to plan for financially.
“The government and the financial services industry have, for years, been encouraging individuals to save for the future, using the likes of incentives, rewards and public awareness campaigns. It is, therefore, concerning that such a large number of respondents in the older age bracket don’t appear to be financially prepared for their retirement.”
