Statistics from the LHV Savings Account show that young people mainly save money for a financial cushion, travel or for investments. The median amount of financial goals that young people aged 18–25 set for themselves is EUR 2,000. LHV studied the savings habits and financial goals of young people based on statistics from the Savings Account, which became available in January. Statistics show that the median financial goal amount for young people under 18 is around €1,000, and for young people aged 18 to 25 it is €2,000. According to Laura Raudsepp, Head of LHV Youth Segment, it is noticeable that young people are consistent in achieving their financial goals. “For example, in the case of young people aged 18 to 25, we see that the median amount received monthly in their savings accounts is just over 100 euros. In the case of savings accounts for young people under 18 years of age, the median monthly top-up amount is 25 euros. Given that young people at this age are often still studying or just starting a career, it is very important that they form a saving habit – this lays a good foundation for future financial habits,” said Raudsepp. Also popular among young people using a Savings Account is the so-called. microaccumulation. “We see that 50% of young people aged 18 to 25 use micro-savings to make their savings grow even faster. Among young people under 18 years of age, the same figure is 38%. Automatic accumulation is one of the best ways to speed up the accumulation process unnoticed: cents slowly add up to euros,” commented Raudsepp. Among young people under 18 years of age, the most popular savings goals are creating a safety net and investing. The least popular goals among this age group are related to health, holidays, and housing. Among young people aged 18-25, the most popular savings goals are creating a financial cushion and traveling. Less popular among this age group are goals related to holidays, health, and electronics. Read RusDelfi wherever it is convenient for you. Follow us on Facebook, Telegram, Instagram and even TikTok.
