Worrying figures suggest 53% of millennials, aged between 20-30 year old have no savings in the UK.
The latest figures from the Office for National Statistics (ONS) suggest that over half of millennials in the UK, aged 22-29 have no savings at all in an ISA or traditional savings account. This made Northern Community Bank look at our account holders to see if we were providing young people in our community with access to safe savings accounts.
At Northern Community Bank account holders age 20-30 have £490,000 in savings. The average balance is £450
The Wealth and Assets Survey from the ONS measures changes in incomes, debt and asset wealth among different groups within society. The figures follow national saving levels which show UK households are savings less than they ever have since the 1960’s.The results are worrying for the 20-30 age group as they show that over the past 10 years the rise of non-savers has risen from 41% to the current 53%.
Credit unions have always strived to encourage and nurture savers. At Northern Community Bank we provide free young savers accounts from birth, opened by any guardian, parents, family members or friend to start saving habits early.
For those who borrow from Northern Community Bank we follow the credit union ‘Save As You Borrow’ method. Where people build savings as they repay loans. This helps to build safety nets for when a loan matures or unexpected expenses, such as a car or washing machine break down occurs.
As Northern Community Bank has developed on the past 37 years we have made it easier for young people in the community to save. Account holders can save through direct payments such a standing orders or benefit entitlement from DWP, through payroll deduction from a number of local businesses or with cash in any of our three branches. The secure ‘Online Account’ area is very popular with all age groups but especially those in the 20-30 age bracket who enjoy the ability to watch their savings grow on mobile phones 24/7.
As national saving levels across all ages decrease, we are proud to provide a safe place to save for the local community. Nearly 25% of all Northern Community Bank’s account holders are millennials and that increases month-on-month, with the average 20-30 year old holding around £450 in savings at the community bank.
We are proud of our account holders, especially the millennial savers who are building for the future.
