Britons opt for 'buy now think later'

05-Apr-2007

A majority of Britons are frivolous spenders with no consideration for the future, suggests new research which may be of interest to would-be first time home buyers trying to save for a deposit.

According to research published by unbiased.co.uk, more than 7.5 million Britons - which may include first time home buyers - actively save only for short-term objectives.

Indeed, the firm claims that for every two Britons who would describe themselves as financially frivolous, there is one person who describes themselves as "financially aware".

Furthermore, within the 16 to 24-year-old age group, 28 per cent prefer to save only when they plan to make a more expensive purchase.

"It is disappointing that we still define ourselves as a nation of spenders rather than a nation of savers," said David Elms, chief executive of unbiased.co.uk.

"It is more worrying to see the attitudes of young people towards the need to get saving," he added.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

Unbiased.co.uk exists to promote the benefits of seeking independent financial advice.

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