Lack of Financial Literacy Means Millennials are Failing to Save

Young adults in the UK lack awaness on saving and investment habits compared to the older generation, according to Selftrade

Karen Kwok 4 July, 2016 | 9:15AM
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Young adults are failing to save thanks to a lack of financial knowledge – which could have devastating long term effects on their wealth.

The findings, provided by an online trading platform Selftrade, revealed that among 2,000 people surveyed in the UK, two thirds of adults aged 29 and younger, have no plans to save into any investment based products over the next year as “they don’t understand the stock market”.

This indicates a division of generation on saving and investment habits when the same question asked among people aged 40 and only older 22.5% do not have plan to save into any investment based products over the next year.

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About Author

Karen Kwok

Karen Kwok  is a Reporter for Morningstar.co.uk

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