Young adults are ditching long-term savings in favour of travelling and crypto

Young adults are ditching long-term savings goals in favour of travelling, wellness and crypto.

A poll of 2,000 18–35-year-olds found more have these six-to-18-month money ambitions (50 per cent) compared to longer ones (40 per cent), like saving for a house deposit.

Travelling is the number one target for this group in this timeframe (39 per cent), followed by 24 per cent hoping to put enough money aside to start a business.

Others are putting money away to allow them to go on a health and wellness retreat (20 per cent), to tie the knot with their other half (15 per cent), and get an electric motor (13 per cent).

While 12 per cent are even squirrelling cash away for the upcoming festival season.

The research was commissioned by NatWest to encourage young people to build healthy monthly savings habits with Couch to Cash: the £5K Challenge.

The bank has also partnered with Team GB Olympic gold medallists Alistair and Jonny Brownlee to provide helpful tips to tackle the key barriers to saving.