Almost half of 18-30 year olds are saving more as a result of the lockdown, with 26 per cent of the UK population setting aside spare cash as a result of the lockdown spending freeze.
A survey of 1,000 UK adults conducted by Quilter has found that 18-30 year olds are saving more money since the pandemic began with almost 48 per cent saying they have put more money aside.
The survey found 31 per cent of 30-45 year olds are saving more, with just 14 per cent of 45-60 year olds doing so.
The research also found the 18-30 year old age group are most likely to consider seeking financial advice, with 64 per cent saying they would do so, compared to 37 per cent of 45-60 year olds.
Quilter tax and financial planning expert Rachael Griffin says: “It is incredibly encouraging to see that people in all age groups are finding ways to put more aside each month. Severe low savings and weak financial resilience has been an unfortunate norm in the UK.
“While it is important to have a liquid cash buffer, with interest rates at rock bottom levels you need to ensure that your money is working as hard as it can and so putting that money into a cash account is not always the best option.
“For those looking to invest tax efficiently whilst retaining access to the capital, Isas are what most advisers would recommend. Isas are able to hold a variety of funds, stocks and shares within them to fit the goals of the investor and they also allow easy access.”
