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Young people in Sunderland have "biggest money worries"

Young people in Sunderland have the biggest money worries in the country, new research has shown.

A survey by YouGov showed the city’s 18-34 year olds are the least confident of their saving ability and the most worried about their financial future.

The poll, carried out in 32 towns and cities including Newcastle, revealed young people on Wearside are the worst savers, with only 43% putting something away each month. It also showed that more than three quarters are worried about their finances in the long-term, with a similar proportion agreeing that they don’t save enough for their future.

The survey also showed that recession could trigger a new savings culture among the young. Nearly three quarters of those questioned in Sunderland are changing the way they manage their money because of the economic situation, with a quarter wanting to plan and manage their money better. A third admitted they need to cut back their spending and save a bit more for the future, while one in six want to save but don’t know their best option.

The findings also show that of those that do save they are around three times more likely to save for their next holiday rather than retirement.

Chief Executive of the National Association of Pensions Funds Joanne Segars said: “Clearly many people do have the saving habit and while meeting short-term savings goals is important, so it putting money away for the long-term.

“It should always be remembered, the earlier you start saving into your pensions, the less money you will have to put away later on.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .