25% of UK youths have less than £500 saved

A recent survey shows that 25% of young people in the UK have £500 or less saved. The research involved 2,000 adults aged 35 and under. Alarmingly, a quarter of them do not have any money set aside for emergencies. Many young people prioritize other expenses over saving. Furthermore, 15% of respondents embrace a "YOLO lifestyle," which means they focus on immediate plans instead of long-term savings. About 49% express frustration about their limited disposable income, which restricts their ability to save. This survey was conducted by NatWest, as part of their new initiative called “Couch to Cash: The £5K Challenge.” The project aims to inspire young people to develop better saving habits. It is noted that 60% of those surveyed depend on work bonuses or family gifts to boost their savings. Though many contribute to a workplace pension, 45% of respondents are not actively saving for retirement. Some, about 17%, aren’t planning to think about retirement savings for at least another decade. Olympic gold medalists Alistair and Jonny Brownlee are promoting the challenge through a fun video. They encourage young people to set manageable savings goals. Alistair mentions that starting with small steps can make saving feel less overwhelming. Research indicates that 75% of young adults wish to save more in 2025 than they did last year. On average, they aim to save £3,775 within the next year and £19,920 over the next five years. Many would find it helpful to use tools for tracking their progress and setting savings targets. Several barriers to saving were reported, including debt repayment (17%) and economic uncertainty (16%). Additionally, one in ten young people mentioned that irregular income makes saving difficult. Mo Watt, a savings expert from NatWest, emphasizes the importance of breaking down savings into smaller goals to make the process easier.