· Young people look set to prioritise shared life experiences post-pandemic
· Royal Bank of Scotland working with award-winning rapper, Nova Scotia the Truth, to encourage more young adults to set a financial plan to help them achieve future goals
As the country takes its first steps towards re-opening next week, research from Royal Bank of Scotland has revealed what 18–34-year-olds in Scotland are looking forward to most once restrictions allow it, indicating young Scots will prioritise shared life experiences over materialistic goals.
The top 12 list in full:
1. Spending time with friends and family (85%)
2. Going on holiday (74%)
3. Date nights (50%)
4. Attending a live gig (48%)
5. Going to/ taking part in a sports match (28%)
6. A return to education (22%)
7. Getting back to the workplace (21%)
8. Buying a house (20%)
9. Graduating (14%)
10. Taking driving lessons (14%)
11. Going travelling (14%)
12. Getting married (10%)
After an extended period in lockdown, social interactions, unsurprisingly, come out top with 85% of young people surveyed wanting to catch up with their loved ones and half of 18-34-year-olds looking forward to date nights (50%).
However, young people also look set to prioritise their longer-term career goals with one in five (22%) looking forward to returning to education and 21% excited to get back to their place of work.
This could correspond with recent data released by the Office for National Statistics (March 23rd 2021) which showed that young people have been disproportionately impacted by job losses in the past year with under-25s making up two-thirds of the 693,000 total redundancies recorded since the start of the pandemic.
Similarly, in line with the surging demand for houses seen over the past year, buying a house ranks 8th on the list with a further one in five (20%) of young people looking forward to taking their first or further steps on the property ladder once the effects of the pandemic allow them to do so.
Closing out the list, milestones such as graduating (15%) and getting married (10%), which have been impacted hugely be postponements throughout 2020, are still exciting prospects for young people, as well as expanding their horizons through taking driving lessons (14%) and travelling the world (14%).
The survey was undertaken by Royal Bank to gather insights into how the pandemic has impacted young people in Scotland, what it has meant for their money and how they are planning for the future. It found that more than a fifth (22%) of 18-34-year-olds surveyed said they feel anxious about money troubles in a post-Covid world compared with less than one in ten (9%) of those aged 55+.
Royal Bank has now committed to improving the nation’s financial capabilities by offering every person a free Financial Health Check, to reduce money anxieties and help them achieve their goals.
To promote the service, the bank is working with Scottish Album of the Year rap artist, Nova Scotia the Truth, who has been encouraging her fans and online followers to consider setting a plan to manage their money post-pandemic.
Malcolm Buchanan, Chair, Scotland Board, Royal Bank of Scotland, said: “Through our conversations with our younger customers, we understand the financial, emotional and psychological impacts of the pandemic have been immense. The resilience shown by so many Scots across all age groups in adapting to such touch conditions has been truly inspiring.
“We recognise that every dream needs a plan, whether that’s buying a first home or saving for a holiday, and we’re committed to supporting customers achieving their own unique financial goals. As economic conditions improve, we aim to play our part in helping to give everyone the skills and expertise they need to build for a brighter future”.
Royal Bank is making financial management easier by providing the following:
· Financial Health Check – A free 20-minute conversation with a senior advisor who provides guidance to make banking simpler, and tips for everyday spending or achieving future goals. This could include setting savings targets, advice on tracking monthly spending and creating budgets. Customers can choose to chat in a branch or over the phone. personal.rbs.co.uk/personal/financial-health-check.html
· Royal Bank of Scotland app – Customers using Royal Bank of Scotland’s award-winning app will now be able to easily see where their money is going with the new ‘spending’ tab which will show them how much they’re spending each month, helping them stay in control of their money.
· MoneySense – MoneySense provides parents and teachers with the tools to give young people the confidence to use money responsibly on their own. MoneySense is fully digital and downloadable, it can be delivered by teachers in schools. It’s the longest-running bank-led financial education programme for young people in the UK.