31.07.2024
LHV Savings Account statistics show that the vast majority of young people are saving in a peace of mind fund, for travelling, or investing. For young people aged 18–25, the median target amount is EUR 2,000.
LHV examined statistics on young people’s saving habits and goals for the Savings Account that reached the market in January. Statistics show that the median target for young people under 18 remains at EUR 1,000, and at EUR 2,000 for young people aged 18 to 25.
According to Laura Raudsepp, Youth Segment Area Manager at LHV, it is apparent that young people are determined when it comes to achieving their financial goals. ‘For example, with young people aged 18 to 25, we see that the median monthly amount of money transferred to their Savings Accounts is just over EUR 100. For Savings Accounts of young people under 18, the median amount added each month is EUR 25. Considering that young people at this age are often still acquiring their education or at the beginning of their career journey, it is very important to create a habit of saving up – it builds a good foundation for future financial habits,’ Raudsepp said.
The Micro-saving solution is also popular among young people using the Savings Account. ‘We see that 50% of young people aged 18–25 are using Micro-saving to further accelerate their savings journey. The same indicator is 38% among young people up to the age of 18.
Automatic saving is one of the best ways to imperceptibly speed up your savings journey – every cent saved eventually leads to a euro,’ Raudsepp said.
Among young people up to the age of 18, the most popular goals are saving in a peace of mind fund and for investing. The least popular goals for this age group are health, celebration, and home.
Among young people aged 18–25, the most popular goals are saving in a peace of mind fund and for travelling. Goals related to celebration, health, and electronics are less popular in this age group.
LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,100 people. As at the end of June, LHV’s banking services are being used by 433,000 clients, the pension funds managed by LHV have 118,000 active clients, and LHV Kindlustus protects a total of 168,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the UK and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.
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