Young free and thrifty
In a nutshell they have discovered the arrival of a new generational trend of Young Ultra Forward-Thinking Savers (YUFTIES) who are saving almost a fifth of their monthly salary for specific goals.
The researchers behind the study have put this down to coming of age in the downturn. These so-called YUFTIES are apparently characterised by their focus on achieving life goals have an ingrained savings habit and more responsible attitude to life than previous generations.
According to the social trends and analysis research almost a third of 20 to 26 year olds (32%) are YUFTIES. They are saving an average of £258 a month or 17.7% of their monthly salary towards specific life goals that they plan to achieve over the next ten years.
We recently did a similar piece of research of our own. In it we polled over five thousand potential home buyers and existing home owners and over a quarter of them said that the credit crunch has made no difference to how they view the property market. Not a bad statistic considering the traumas that buyers have faced since 2008.
And the Barclays research backs this up. Amongst the Yufties 24% have already purchased their first home and a further 35% want to have done so by the time they reach 30 six years earlier than current forecast without financial assistance from parents.
23% also want to be on the second rung of the property ladder by the time they are 30 though just 4% currently are.
In conclusion then Barclays have discovered that todays First Time Buyers are good with money. They are hard working sensible cautious and determined. I can only assumethereforethat they are worthy mortgagees and we can all look forward to a relaxation of lending criteria as a show of support for these Yufties a generation that needs and deserves the support of the banks as they start out in life.
Sue Warwick - National Sales & Marketing Director Miller Homes