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Young people get savings savvy in the UK, says Birmingham Midshires study

A new research from Birmingham Midshires' Saving Britain campaign revealed that the number of young people who have opened a savings account has doubled over the past six months.

The research has reported that one in seven young adults aged between 18 and 24 have recently opened a savings account, compared to one in 14 six months ago. While young adults are more likely than any other age group to have recently opened a savings account, the study also found that customers above 55 years of age are more typically savings-savvy, are most likely to have switched their savings to a different provider.

The research has also revealed that almost one in seven young savers opted for internet savings accounts and 95% of young people can access their savings account via the internet. While the customers over 55 years are also turning to the internet to get the best savings deal, they are more likely than all the other age groups to reap the benefits of fixed rate savings accounts.

Jason Robinson, director of savings operations at Birmingham Midshires, said: With 2007 widely accepted as the year of the saver, the savings market is not only appealing more to new markets – the younger generation – but we are also noting an increase in movement with more savers, particularly older savers – switching accounts to get a better deal. The trend is certainly moving away from inertia as people vote with their feet.