More than half of young adults would rather spend their wages on nights out, fashion and luxuries than saving for the future, a survey has found.

And researchers reveal that among those who do save money, it tends to be to fund a holiday abroad.

Some 59 per cent of 18 to 30-year-olds admit to prioritising this ‘yolo’ lifestyle – ‘you only live once’ – over saving or investing. Just over one in four of about 1,000 people surveyed said they spend every penny they make.

The most popular outgoings for under-30s include takeaways, meals out, clothing, TV streaming services, visiting coffee shops and luxury cosmetics.

But 69 per cent had made no financial plans for their retirement, despite 47 per cent being worried about their later years.

The research for lending website RateSetter found 35 per cent could not imagine ever owning a home unless they inherit one. – Daily Mail

Categories: Money