View more on these topics

32% of 25-40 year olds are not financially independent

Nearly a third of people aged between 25 and 40 do not consider themselves to be financially independent and one in 10 say they still live with their parents.

UK Currency Sterling Coins Money 480

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.

Recommended

5

NatWest Intermediary Solutions boosts BDM team by 20%

NatWest Intermediary Solutions has recruited five new phone-based business development managers as well as a new sales manager to lead the team, boosting its team of BDMs by 20 per cent.

10

FSA fines Cheshire Mortgage Corporation £1.2m

The FSA has fined mortgage lender Cheshire Mortgage Corporation Limited £1.225m for failing to treat customers fairly in the sale of mortgages and arrears handling from October 2004 to the end of 2009.

Treasury 480

Govt offers carve out from new high value property tax

The Government has confirmed the introduction of stamp duty and annual levy exemptions for owners of high value properties purchased through corporate structures if the property is used for legitimate business purposes.

taxes

Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.

Newsletter

News and expert analysis straight to your inbox

Sign up