Financial solutions company Think Money welcomed new research suggesting that nearly a third of 21-to-29-year-olds are making repaying debt one of their highest financial priorities.
The company added that repaying debt and putting money into savings are two of the most important things that people can do to improve their financial outlook for the future, and the two do not necessarily need to compromise each other.
Research from life and pensions company Friends Provident found that 31% of people in the 21-29 age group were prioritising paying off debt over saving for a house deposit (25%) or funding a career break (11%) - possibly suggesting 'the start of a more financially responsible Britain'.
Nearly half (44%) of this so-called 'generation Y' were also paying into a company pension, suggesting that the importance of saving has been 'sinking in' as the recession has taken hold of the economy. Over a third (35%) said they intended to...