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Three in 10 millennials are not saving, says new research


Nearly three in 10 (29 per cent) UK millennials are not saving anything each month and less than one in four (24 per cent) are saving into a pension, according to research by the online investment platform

The proportion of 18-24 year olds saving into a pension is just 12 per cent but this rises to 28 per cent among 25-34 year olds. However, around three in 10 (29 per cent) millennials are saving into an investment ISA and 49 per cent into a cash ISA.
Around seven in 10 (72 per cent) of millennials have left the parental/caregiver home. Those that have say they have an average of £170.78 spare cash at the end of the month after paying for all their living expenses.
Nick Curry (pictured), Director at’s, says: “The temptation for young people to spend is strong of course, but our research shows that the millennial generation is simply not saving enough. A substantial majority is also missing out on the benefits of tax rebates on pensions and being invested for longer periods.
“The danger is that we will have a whole generation coming through that hasn’t saved enough to get on the housing ladder or with enough retirement savings. Some will have the privilege of an inheritance but even then parents are increasingly having to use savings for their own retirement and care in later life.”
As well as providing access to well over 2,000 funds for retail investors, has four pre-selected portfolios with different levels.

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