Young savers 'are more prepared for the future'

29 June 2009 — 2:00 PM

Young savers should equip them

The earlier in life people recognise the value of saving money the more they will see its benefits, according to one expert.

According to a spokesman for the Children's Mutual, a UK-based company which specialises in financial products aimed at youngsters, people should arrive at adulthood equipped with the ability to save.

David White, chief executive of organisation, said getting used to putting money aside helps people prepare themselves for the financial demands they will face in the future.

He added: "During their twenties young people are always told to start saving in pensions as soon as possible, but if you are working hard to save for a deposit on a house, you are not going to use that money towards a pension."

Recycling mobile phones can be one good way to generate the cash needed to start a nest egg, often consumers may find they have more unwanted handsets lying around than they think.

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