The majority of young adults (people in their twenties) have a ‘live for today mentality’ - failing to save each month and preferring to spend money on luxuries like alcohol, mobile phones and fast food – according to research today from Birmingham Midshires ‘Saving Britain’ Campaign.

The findings show how saving money is still not a priority for many young Britons and the urgent need to give young adults stronger reasons to save. Only 41 per cent of people in their twenties claim to save money each month - with the average amount saved standing at £97 per person. This compares with almost eight in ten twenty year olds (79%) who drink alcohol each month – spending around £122 per person.

Matt Grayson, spokesman for Birmingham Midshires, said: “A live for today mentality is preventing many young people from building up a savings nest egg. Obviously, people in their twenties should be enjoying themselves, but far more young people see drinking, mobiles and cigarettes as a priority.”

This latest study, part of Birmingham Midshires ‘Saving Britain 2004 Campaign’, reveals the spending habits and lifestyle choices made by the British youth. Key findings show:

Other findings include:
Savings
While many young adults fail to save cash, the people who do save are making some progress. Of the 41 per cent who do manage to tuck some money away, only nine per cent save less than £50 – with 23 per cent saving more than £100. More men are saving cash each month, 53 per cent manage to save something each month, compared to 48 per cent of women.

Alcohol
People in their twenties spend an average of £122 each month on alcohol, 22 per cent spend well over £100 each month, and as many as seven per cent fork out more than £200 each month on alcohol.

Cigarettes
It seems Government plans to introduce blanket smoking bans in public places will leave a sour taste in many mouths, with more than one in four (26%) of twenty-something’s smoking each month - an average per person of £59 a month – the equivalent of 10 cigarettes a day.

Mobile phones
It is difficult to go anywhere nowadays without hearing a phone ring. A massive 87 per cent of people in their twenties claim to have a mobile, and this age group spend around £35 a month. And contrary to the myth that women are the greatest gossips, men appear to be the greatest talkers spending an average of £40 on their monthly bill, compared to women who spend just £30.

Take-away food
The busy life of young Britons is reflected in their consumption of take-away, with 80% per cent spending on fast food every month – 30 per cent more people than those who save. Britons in their twenties spend an average of £30 each month. Men are less bothered with their diet, spending on average £35 each month compared with women’s spend of £25.

Going to the Gym
Young adults are not spending vast sums on health and fitness, with only 28 per cent of people claiming to spend an average of £11 on health and fitness each month.