Young people optimistic for future

The recession has not affected the financial ambitions of young people compared to two years ago, according to research from Alliance & Leicester.

The findings reveal that the average earning expectations of 16-21 year old men is £44,600 in ten years time with the average earning expectations of young women being £34,800.

Young males expect to be earning £10,000 more than their female counterparts expect to earn in 10 years time. More than seven in 10 (71%) of 16 to 21 year olds still expect to get on the property ladder by the time they reach 30, compared to 72% two years ago.

More than 30% expect to be debt free before they are 34 years old compared to 32% two years ago. Over a quarter (27%) believe employers are more interested in experience than qualifications, with 15% believing employers prefer qualifications.

Andy Bayes, head of Abbey and Alliance & Leicester current accounts, said: “With so many young people looking to maintain their financial and lifestyle aspirations during these tough economic conditions, it is essential that those looking to start their career have access to good sources of advice, information and inspiration.”