Monthly bills and substantial debt is stopping many young adults attempts to save in the UK.
A new study has revealed that one in four adults have no savings at all, while more than half said that they wished they could save cash.
A poll of 2,620 respondents in the UK found that more than a tenth of the population admit to being ‘terrible’ with money.
“Having a healthy savings account is something everybody dreams of, whether its money put aside for a rainy day, helping fund your child through university or money saved for comfortable retirement,” said Kris Brewster, head of products for Skipton Building Society, who commissioned the research.
“These dreams cannot become a reality without taking time to save in the first place. Very often things like unexpected bills can crop up and have an impact on your savings balances.
“But our results found people are more prone to splurging money on things they don’t need, rather than saving it and it’s this that has the greatest impact.”
One in ten adults over the age of 55 don’t have a penny saved up for their future, compared to 38 per cent of 25-34-year-olds who are already saving.
One third of respondents blamed their lack of savings on their monthly outgoings being so high that they never have anything left over.