Older consumers "wiser" when planning financially
Published On 3 October 2006
Older consumers appear to be wiser when it comes to financial planning, according to a new survey by Scottish Windows. The study claims that 61 per cent of those aged over 55 believe they are financially prepared for the future, while 73 per cent of 18 to 24-year-olds are concerned about their financial future.
In particular, the younger generation are more willing to spend money on instant rewards rather than long-term plans. A total of 25 per cent of younger people spend now rather than saving for later, compared to just 11 per cent of those aged over 55.
There is also evidence that many people, around 41 per cent, are increasingly seeing their parents as more skilful in planning for their future than themselves. The survey also discovered that younger people believe they are not earning enough to help save for their long-term future, especially giving the introduction of university fees and escalating house prices.
George Andrew, consumer affairs spokesperson at Scottish Widows, said: "We all need to be thinking about our financial future no matter what age we are and it is interesting to see that 'the older the wiser' really does seem to apply when it comes to finances."
He added: "Many young people are focused on paying off student debt and getting on the housing ladder and longer term financial planning takes second place."
