Young adults ‘twice as likely to prioritise gym as savings in a typical week’

Young adults are around twice as likely to prioritise the gym in a typical week as their savings, a survey has found.

Six in 10 (60%) 18 to 24-year-olds believe that getting physically fit and healthy is more rewarding than getting their finances in order, according to credit information company Experian.

Despite this, nearly the same number (58%) of young adults said that poor financial health is affecting their overall wellbeing.

One in 12 (8%) 18 to 24-year-olds said they prioritise their savings in a typical week, while 17% prioritise going to the gym and 14% prioritise healthy eating, the survey of 2,000 people found.

More than a fifth (22%) prioritise taking time to “switch off”.

Nearly three-quarters (73%) of 18 to 24-year-olds said that information on improving their mental and physical health is more readily available than that which would support their financial health.

Personal finance expert Iona Bain said: “I’d advise people to start small – it could be as simple as deciding to look at your accounts more often or figuring out how much money you owe to creditors.

“You’ll start getting a much clearer picture of what’s going on so you can work towards being more mindful in your spending or coming up with a repayment plan. Make sure any changes to your financial behaviour are sustainable and allow for balance in life.”