People between 16 and 24 years old are the age group that knows how to save the most: 85 percent have a savings account.
Only four in five people aged 45 to 54 have one, while only 82 per cent of those over 55 have one, an HSBC survey reveals.
Just under half of young savers save at least 20 percent of their monthly income, compared to 12 percent of people ages 45 to 54.
But those under 24 years of age are the most likely to get their hands on marijuana.
They make an average of three withdrawals a year and more than one in five uses it to cover daily living expenses.
As for money: Just under half of young savers save at least 20% of their monthly income, compared to just 12% of people aged 45 to 54.
The country’s main savings goals are an emergency fund, travel, supporting family, and home improvements.
But one in five people does not meet their goals and one in ten has not set any.
Households can develop smart habits with HSBC’s new banking app, called Savings Goals. Clients can select short and medium term goals and set a target amount.
HSBC UK’s Pella Frost says having a goal makes saving easier.
‘Before opening a savings account, we recommend that you review your budget to know how much you can save and for how long.
By saving your money for a set period at a fixed interest rate, you can develop a healthy savings habit.’
l.evans@dailymail.co.uk
