(ThIrty Somethings Without Any Savings)
The TISWAS Generation: Home | Regional Statistics | News Release | Budget Calculator
A culture of immediate gratification has developed in the UK, with pressure on young people to keep up with the latest fashions and be seen in the hippest hangouts. But squandering their cash on living for now means under-35s are storing up a lot of trouble for later – earning them the title of the TISWAS Generation (ThIrty Somethings Without Any Savings).
Skipton’s latest research shows that, despite an average wage of £27,753, 18% of young people spend more than they take home and 46% have less than £100 to live off until the next pay day. This lack of cash has resulted in one in five not having any savings and 53% failing to contribute to a pension scheme.
Many under-35s have an unrealistic outlook on their financial future - a fifth are relying on inheritance from relatives to fund their old age and one in 10 believe a lottery win will pull them out of debt. But even though it may seem daunting, it could be easy for those in the red to join those in the black. The first step is to work out exactly how much money is coming in and going out each month and Skipton’s budget calculator can help with that.
Then, when you’ve spotted where a few sacrifices can be made – perhaps by going out a little less or buying fewer CDs – it’s a good idea to open an investment account for the money that’s been saved. If you would like more information on Skipton’s wide range of savings accounts, including our Regular Savings, Special Saver and Christmas Saver accounts, then pop into your local branch or call us on 08457 171777*.
*To help maintain service quality, some telephone calls may be recorded and monitored.
All figures, unless otherwise stated, are from PCP Market Research. Total sample size was 1,207 adults aged 18 - 35. Fieldwork was undertaken in February 2008. The survey was carried out online.