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AJS: Don't keep too much in cash

Young people on high incomes do not make the most of their money, AJS Wealth Management has claimed.

The financial planners say that young professionals spending cash to "enjoy themselves" are left less well off in the future.

In particular, the failure of many to buy property through taking out a home loan can cost consumers money in times of rising house prices.

Anna Sofat, a director at the firm, said: "Young people often have too much in cash for two reasons. One is that if they are earning money, they've got enough not to worry about it. The second thing is that retirement is a long way off.

"Tomorrow doesn't have the same priority as with somebody in their forties or fifties…so definitely the younger ones keep quite substantial amounts of cash."

Figures from the Office for National Statistics (ONS) show that 70 per cent of UK adults have some form of savings.

Regionally, the south-east - the area where house prices and home loans costs are at their highest - has the highest proportion of savers, at 78 per cent.

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