Young Brits swap housing deposits for wellness retreats and crypto investments | Personal Finance | Finance
A recent survey has revealed that young adults are prioritising travel, wellness and cryptocurrency over long-term savings goals. The poll, which surveyed 2,000 individuals aged between 18 and 35, found that half of the respondents have short-term financial ambitions spanning six to 18 months. Almost all (97%) of those with savings utilise different pots, with 45% having three or more.
Travel is the top priority for this demographic, followed by 24% who aim to save enough to start a business. Other goals include setting aside funds for a health and wellness retreat (20%), saving for a wedding (15%), and purchasing an electric vehicle (13%).
The research was commissioned by NatWest, as part of their initiative to encourage young people to develop healthy monthly savings habits through their Couch to Cash: the £5K Challenge.
NatWest has teamed up with Team GB Olympic gold medallists Alistair and Jonny Brownlee to offer useful advice on overcoming the main obstacles to saving.
Mo Watt, a savings expert at NatWest, commented: “We know that regular savings no matter how big or small can add up to make a big difference down the line. The challenge aims to provide useful tips for those who are looking to get started or want some additional structure to their savings journey.”
Despite these shorter-term objectives, only 40% are saving for long-term goals such as a housing deposit. However, 74% of those with long-term savings goals expressed a desire to save more towards these objectives.
Three-quarters of those with goals believe they would benefit from new savings strategies to help them achieve their targets.
Yet, only a third (32%) have utilised their Individual Savings Account (ISA) 2024/25 tax year allowance, although 35% who haven’t plan to do so before the early April deadline.
Interestingly, nearly half (47%) of respondents believe that their parents would have saved a larger proportion of their income towards long-term goals.
