Young People in Manchester advised to curb financial recklessness in 2024
- Financial Expert advice young people to create saving pots
- UK statistics shows a decline in savings
- young people express concerns
A financial investment expert advice young people to consider creating pots in investment companies to help curb financial crises and unforeseen events in 2024.
Aamna Mobashar, a portfolio Analyst at an investment company, Stephens and co limited, said: “I will advise young people to start saving at an early age. If you are not less than 18, consider opening a pot where you can invest for unforeseen events and also save for the future.
According to UK savings market statistics for 2024, UK households deposited a net amount of £0.3 billion with banks, building societies and into NS&I accounts in July 2023.The following Month, in August 2023, sums deposited were equal to sums withdrawn, essentially meaning that the net deposits were measured at zero. This represents a significant downturn in saving compared to the previous year with the corresponding inflow of deposits for September and October 2022 standing at £8.1 billion and £6.2 billion, respectively.
Raphael Jones, 24 , from Manchester said: “I have big plans this year. I just want to make the right decisions in saving for those plans. Last year was tragic, I still owe but this year I am hoping to save more.”
Genevieve, 21, added that financial crises are real and there should be more education on it. She said “organizations should form alliances with experts to guide us on some resourceful steps in saving to solve some of our spending problems.”
Aamna Mobasar said: “Young people should cultivate this method in their lives. Saving is a good initiative. Investing at a young age will go in the long run to shape your future.”