Few young people currently have savings, insurance and pensions, but most aspire to have them, according to a survey of YMCA residents by the New Policy Institute .
The research shows 90 per cent think they need a pension but only 10 per cent have actually started one. Of those surveyed, 70 per cent thought it important to insure their belongings but only 10 per cent have insurance.
New Policy Institute director Guy Palmer says: “Young people are in a period of transition. They are the future customers of the financial services industry, but there has been very little work addressing the financial service needs of young people.”