Bright Grey’s Generation Now report finds 25 per cent of this age group list their attitude to life as “live for the day” and 33 per cent live hand-to-mouth each month, with no savings plans or emergency funds.
Keeping up with mortgage repayments or rent is the main priority for these adults while the next concern, among 22 per cent, is planning their next holiday, followed by funding a good social life.
Thirty nine per cent are renting their home and the same proportion have outstanding mortgage payments.
Just 6 per cent have considered whether insurance would cover them in the event of an illness.
Bright Grey head of marketing Jacqui Gillies says: “Times have changed and with this, priorities for different generations have shifted. In the past people were encouraged to settle down and build a secure financial foundation before starting a family. However, many people have adopted a ‘live for the day’ approach to life and are concentrating on immediate concerns rather than looking to the future.
“It is always important to bear in mind the decisions we take now have an impact on our future, so it is vital to ensure we are protected against unforeseen events. Even those who might consider themselves without financial obligations need to consider how they would cope if their income were to suddenly stop.”
Looking to the future, 29 per cent have the goal of taking the first step on the housing ladder but have not managed it so far.