Young people face an uphill struggle to buy a house, save a pension and pay off their debts from university.
Students leaving university today will be saddled with an average debt of £44,000. Most will struggle to afford the £30,000 average deposit price on a house until they are in their mid-thirties.
With the odds stacked against them, it has become crucial that young people learn to save for the long term.
Trillion Fund, the lending platform, has put together a list of the top four money lessons you might want to pass on to your grandchildren.
Top four money lessons from the past
1) Take care of the pennies and the pounds look after themselves – the importance of making small savings every day, wherever you can
2) Never spend what you don’t have – don’t go into debt. Easier said than done in today’s world of university fees and mortgages
3) Make do and mend – look after what you’ve got instead of buying something new unnecessarily. No waste
4) Save for a rainy day, or make hay while the sun shines – same meaning really – hard times could be just around the corner
What would you add?
The financial problems facing young people in the future are real, and yet there are few savings and investment products focused on them.
Recent research suggests that the under 35s are now more risk averse than those aged 49 to 64, despite being better suited to taking on more risk with their money.
Other research suggests that the reason for a lack of investing activity among younger people may be that they prefer to invest more ethically.
A survey commissioned by Abundance Generation, which lists investments on the Trillion Fund platform, found that clean energy was the top investment choice for young people aged 18-24.
Or maybe, in seeking safer, more sustainable returns, has the younger generation got something to teach their grandparents about money?
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