As a result of the financial crisis, 34 per cent of 18 to 24 year olds are investing more money into their savings accounts, according to new research.
The survey, carried out by HSBC, questioned 1,100 people in a bid to discover how their savings habits had changed as a result of the recession.
Whilst a third are saving more money, 23 per cent of young people were found to be saving far less than before – highlighting that more than half the people in this age bracket had changed their savings habits.
Meanwhile, just 28 per cent of older people had altered their savings habits. HSBC revealed that, despite 76 per cent of people saying they were very concerned abut their finances, 68 per cent of Britons have not made any change to their spending habits at all.
Richard Brown, head of savings for HSBC, said, “With nearly eight in ten Britons worried and insecure regarding the current economic turmoil you would expect them to be spending and borrowing less and saving more.
“People either have their 'heads in the sand' and do not realise the need to change, or that they have simply decide to stoically ride out the recession by refusing to alter their ways,” he added.
