New research has revealed that the number of young people in the UK who have opened savings accounts doubled during the last six months.
According to Birmingham Midshires , one in seven adults between the ages of 18 and 24 has opened a savings account in recent months, compared with one in 14 six months earlier.
Jason Robinson, director of savings operations at the firm, said that 2007 has been "widely accepted as the year of the saver", with the market appealing to younger consumers.
The firm noted that 51 per cent of people under the age of 25 have opened online savings accounts and 15 per cent have chosen individual savings accounts (Isas).
"We urge savers to consider the benefits of a balanced savings portfolio, where some money is stored in an easy access account for short-term expenses and in fixed-rate accounts which guarantee good rates over the long-term," he commented.
Alliance &Leicester recently claimed that Isas will account for one-third of all cash savings by 2012.
More young people opening savings accounts
More young people opening savings accounts
Wed, 07 Nov 2007
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