Young Brits ‘opt for loans instead of saving’

Ross Dalzell, marketing manager for savings at Alliance & Leicester, claims that whatever products financial service firms make available, young consumers are more interested in borrowing than there are in saving.

“No matter what we do, no matter how much we promote them to customers, etcetera, it’s the loans they are far more likely to buy from us than any of the savings products,” said Mr Dalzell.

“We still see the vast, vast majority [of savers] coming from older, fairly savvy customers who are keeping a close eye on the markets and making sure they getting the best rate on their savings,” he added.

Indeed, Mr Dalzell estimates that savings products offered by his banking organisation are taken, in around 80 per cent of cases, by older consumers.

Despite this, the Consumer Credit Counselling Service recently claimed that the burden of debt management is increasingly shifting on to elderly generations of UK citizens.