Half of millennials don’t have any savings

MORE than half of all young adults have no savings and just a quarter own a home, official statistics show.

There has been a sharp rise in 22 to 29-year-olds – the generation known as millennials – with no money stashed away in the past nine years, while the number of homeowners in the age group has fallen. The Office for National Statistics figures will fuel concerns that ultra-low interest rates have destroyed the habit of saving. The ONS said that 27 per cent of 22 to 29year-olds owned a property in 2017 – down 10 percentage points from 2008. Meanwhile, 53 per cent have no accessible savings at all, up 12 percentage points.

Anna Bowes, of consumer group Savings Champion, said: ‘These are shocking statistics. If people don’t start saving, not only will they never be able to afford a home, but how will they be able to retire?’