An article in the Independent Newspaper towards the end of last year caught our eye. It was written about the financial outlook for young people (so called Millennials). The under 35s segment of the financial services sector is one that we have particular experience in here at Fryer Glass.
The eye-catching newspaper headline suggested that young adults in 2018 were financially weaker than in 2008. Figures paint a ‘scary picture’ of millennial financial affairs the article suggests. The evidence put forward to support the headline was:
- A fall in home ownership among 22-29 year old’s
- The percentage of 20-somethings with any savings has fallen from 37% to 27%
The article (a full version of which can be accessed below) suggested a ‘strain’ between a choice young people are making between saving for later life and earning enough now to be able to save in a more liquid manner.
When you read the full article the actual picture is a little more complex that the headline suggests. For example, those that do have savings, have more of them now compared with those from a decade earlier.
What we at Fryer Glass would suggest is, that no matter what you current financial situation is, take control of matters and don’t let them drift. If your car had a problem, you would get it looked at and then consider what action to take. Financial planning is not dissimilar. In fact there are advantages to financial planning from a younger age. Why? Simply because event a small amount can work hard for you if you invest for a long period of time.
If you’re under 35 and would like to know about your financial planning options (without any obligation,) contact Mark Fryer at Fryer Glass on 01276 301103/07841 702991 or email [email protected]
Click for a full copy of the Article from the Independent newspaper.