Teenagers more likely to set savings targets

Teenagers are far more likely to have set themselves savings targets than those in their 50s, according to a British survey.

Nearly a quarter of people aged 18 or 19 try to save at least £3,000 a year, compared with just 15 per cent of people in their 50s, according to Lloyds TSB.

Consumers in their 20s are also likely to set savings goals, with 18 per cent of this age group trying to set aside at least £3,000 a year.

A third of all age groups said they had realised the importance of saving when they were a teenager, but less than half of people in their 40s and 50s had started saving before their 18th birthday.

By contrast, 64 per cent of people in their 20s were already setting aside money before they turned 18.

Seven out of 10 people in their 20s said they learnt their savings habits from their parents, compared with only 61 per cent of those in their 50s, suggesting today's parents are more open with their children about their financial affairs than previous generations were.

Greg Coughlan, of Lloyds TSB Savings, said: "Often the biggest barrier to savings is starting in the first place, so it's really encouraging to see that today's young people are taking the first steps in creating a nest egg for the future."