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New study shows that UK millennials are big dreamers, however, do not have long-term savings

Photo credit: Miguel A. Padrinan via pexels.com
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Photo credit: Miguel A. Padrinan via pexels.com

By Rimante Bivainyte

Foreign & Colonial Investment Trust and BMO Global Asset Management has published new findings revealing that two thirds (10 million) of 18-35-year-olds in UK are keen to follow on their parents’ footsteps and hope to achieve ‘traditional’ life goals in the next decade, while 7.8 million of millennials may never achieve their aspirations unless they will make crucial changes regarding their financial situation.

The Millennial Money Survey is a study of over 4,000 UK adults aged 18-35 – found that buying a property, getting married and having a family are the greatest ambitions for 64% of millennials, however, other 36% of young people are in risk to miss out a bright future because they do not hold long-term savings or investments into particular properties.

Moreover, the study exposes some myths that millennials do not have good money habits. 68% of people plan to save more money in 2018 that they did in 2017, with over 35% already doing so by making a change to their daily habits such as eating out less or cutting takeaway coffees or spending less on socialising.

Also, the survey found that many millennials have a strong desire to improve their financial knowledge. Young adults would like to get education on saving (21%), managing debt (12%), banking (12%) and buying or selling property (9%). Nonetheless, most likely millennials want more help or education on investing, survey shows 25% of respondents. Ross Duncton, Managing Director, Head of Marketing & Direct, at BMO Global Asset Management, who manage F&C Investment Trust, said: “UK millennials simply aspire to achieve what previous generations have enjoyed; and they do it with a fortitude that helps them survive in a post-credit-crunch world. While some have debt, it’s clear that the majority are far from a reckless generation. Our research reiterates how small a leap many millennials need to take to help brighten their financial futures; many only need to shift their money mind set slightly to get their money working harder, and in turn help them achieve their ambitions.’

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