Jan 16 2008
Thousands of British students are shifting their financial focus from saving to go travelling to earning enough cash for a housing deposit, according to recent research.
Abbey reports that there are now six-times more students saving for a housing deposit than has typically been the case at any point during the past ten years.
Many thousands of parents are now using child trust funds (CTFs) to give their children a solid start to their adult financial lives, but millions of graduates around the country feel that they should have saved more during their time at university.
"House prices have brought in a harsh new reality for students," said Nici Audhlam-Gardiner, head of Abbey Mortgages.
"They now need to weigh up the benefits of travelling against jumping straight into a career and being able to afford to get onto the property ladder."
Earlier this week, the Children's Mutual suggested that January is a popular month for British parents to start saving for children by opening a CTF account.
