A new poll by the UK’s leading discount website has revealed that, for the majority of young people, personal debt is standing in the way of them saving up for a deposit on a property and subsequent mortgage.
Debt may well be preventing many young adults from moving forward, as new research by the UK’s leading discount website has revealed that the majority claim they have not yet been able to save for a deposit on a property and a subsequent mortgage due to having to pay off money they owe each month.
www.MyVoucherCodes.co.uk carried out the study as part of ongoing research into the financial situations of young adults around Britain. 1,882 people in the UK aged 18-25 took part in the poll and answered questions surrounding their savings and how their money was spent after they were paid each month. All respondents were in full time employment.
When asked, ‘Do you currently own your own property?’ only 9% of those polled said ‘yes’. Of the remaining respondents, 61% said they would like to own a property. MyVoucherCodes.co.uk then looked into the reasons why they hadn’t got one yet, if applicable.
Whilst 12% felt that they ‘weren’t ready’ to own a property, the majority, 54% said they hadn’t been able to save for a deposit on a property yet due to debts that they had to pay off. 19% said they were in the process of trying to save for a deposit.
MyVoucherCodes.co.uk further questioned the respondents who said that their debts were getting in the way of them saving for a deposit and subsequent mortgage. When asked when they thought that they would be able to start saving for a property deposit, 47% predicted that they would be in a position to afford to save in ‘10 years’.
Further findings included 13% admitting that they were relying on some sort of inheritance later in life to enable them to get a deposit for a property.
Mark Pearson, chairman of MyVoucherCodes.co.uk, commented on the findings:
“A mortgage is normally the biggest debt that anyone will have and saving for a deposit for a house is no easy task. It requires commitment and dedication and, most importantly, a strict attitude towards your finances.
“If you don’t bother saving one month so you can buy that something you’ve had your eye on for a while, you’ll end up going backwards as opposed to forwards. I was surprised that so many young adults think that their debts are getting in the way of saving for a house; in this situation, cut backs need to be made wherever possible, in order to get your finances back on track. Discounts and voucher codes can be a good way to do this.”
For more information, please contact Iona St. Joseph of 10 Yetis PR Agency by emailing firstname.lastname@example.org or call 01452 348 211.
Mark Pearson, chairman of MyVoucherCodes is a regular media contributor regarding online shopping and the credit crunch. At 30, his personal worth is more than £30 million. Mark was previously a trainee chef working for Gordon Ramsay at Claridges, London.
Mark appeared as a ‘Secret Millionaire’ in the series on Channel 4, in which he donated £115,000 of his own money to worthy causes.
MyVoucherCodes has had sales exceeding £481m in the last year