Younger Adults Leading the Way on Savings

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A potential savings revolution is upon us as for the first time younger savers are over taking the older generation when it comes to getting into the savings habit.

The outlook for savings definitely remains positive with young people really setting the standard.

A potential savings revolution is upon us as for the first time younger savers are over taking the older generation when it comes to getting into the savings habit. Younger adults (aged 18 – 34) seem to be leading the way banking 16 per cent more than the national average and 25 per cent more than over 55s each month, according to new research from Santander Savings(1).

Figures from Santander’s quarterly ‘Snap Shot’ barometer reveal that the average Briton makes a monthly saving deposit of £116, but younger people are raising the bar, putting aside £134 each month. Britons aged 35 – 54 put away an average of £112 each month while those over 55 years make average monthly deposits of £107.

Reza Attar-Zadeh, Director of Savings & Investments commented: “The outlook for savings definitely remains positive with young people really setting the standard. These latest statistics prove that the recession has changed people’s attitudes to saving and a new generation of savers not spenders has finally arrived.“

Alliance & Leicester has recently increased the rate on its Online Saver Issue 7 for new and existing customers. The account now pays a competitive 2.81 per cent gross/AER (including a 12 month bonus *) with a minimum opening balance of £1,000 and penalty free instant access available online.

For more information on savings from Santander and Alliance & Leicester, log on to our websites, telephone 0800 234 6065 or visit your local Santander or Alliance & Leicester branch.

The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.

Notes to Editors
1)    Opinium Research amongst 2026 UK adults, May 2010

About Us
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with presence in 10 main markets. At the end of 2008, Santander was the largest bank in the euro zone by market capitalization and third in the world by profit.

In the UK, Santander operates two retail businesses – Santander, which was formed out of the Abbey and Bradford & Bingley retail network, and Alliance & Leicester. Together they have over 1300 branches, around 4,500 cash machines and they provide a full range of bank accounts, corporate banking services, loans and savings products to 25 million customers.

Alliance & Leicester will become known as Santander by the end of 2010.

For more information please visit http://www.santander.co.uk

Media Enquiries
Susan Hannums    Tel: 020 7756 4190
Louisa Dreja        Tel: 020 7756 4211

The press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.

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