Savings are top of mind for today’s young adults (aged 16-24), with over six in ten (61%) indicating the importance of having a stash for a rainy day. Concerns about future employment prospects and ability to pay off debt are at the heart of their desire to be more frugal with their finances.

Despite concerns about money and future prospects, over half (52%) of young adults are perfectly happy with their standard of living, rising to six in ten amongst 16-18-year-olds. Even though it is evident they are beset by many problems, including higher university fees, student loans and high unemployment, today’s young adults have developed coping mechanisms that allow them to keep a more positive attitude.

This report explores in more detail how the living circumstances of young adults influence their spending habits. It looks at their future priorities and attitudes towards spending money, and examines their technology ownership and online habits. Finally, the report delves into young people’s concerns about future employment prospects and finances, comparing students with those in employment.

For the purposes of this report, young adults refers to internet users aged 16-24.

Mintel conducted online consumer research in September 2012 on a sample of 998 internet users aged 16-24.