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Press releases and research from OneFamily. The information on these pages is intended for journalists. If you’re not a journalist, visit our Savings Hub for the latest articles.
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A Saturday job was once a rite of passage for most teenagers, but today’s generation are opting for informal, short-term ‘gigs’ as they face a decline in opportunities for traditional teenage work. According to financial services provider OneFamily, the number of teenagers able to secure a part-time job has halved since their parents’ generation. Just one in five (23%) now have an ‘official’ job compared to 43% of their parents. Out of the teenagers that are earning money, the majority (66%) are earning money from doing odd jobs or work with no set hours.
The number of young people (aged 20-34) living with their parents has increased significantly over the last 20 years as the cost of renting continues to rise . However, research from OneFamily has found that keen savers could use their parents’ generosity and the lower living costs to become homeowners in just four years using a Lifetime ISA.
OneFamily data has revealed that one in five (18%) Junior ISAs now have more than one person investing in them, as families and friends save together for children’s future.
OneFamily research has revealed of the 7.4 million first-time buyers in the UK eligible for a Lifetime ISA , only one in twenty (6%) are taking advantage of the additional £1,000 savings top-up a year being offered by the Government.
In an effort to get ahead of their finances, one in five millennials (19%) has turned to working in two or more jobs, research from financial services provider OneFamily has revealed.
One in five (19%) over 50s are relying on income from property to fund their retirement, according to new research from OneFamily.
OneFamily has enhanced its Interest Roll Up Lifetime Mortgage meaning customers can roll the interest up and pay nothing, or they can now pay it off as and when they want.
OneFamily data shows that the number of single women taking a lifetime mortgage has increased to one in every three customers (35%) from one in four (23%) just two years ago.
Nearly 70% of OneFamily Lifetime ISA customers are saving for the long-term and planning on using it to fund their retirement.
OneFamily has identified a growing group of over 55s that are using lifetime mortgages to fund property moves to more expensive homes. Buying a new property is now the fourth most popular reason for using a lifetime mortgage as homeowners who are retired, or approaching retirement, move to be closer to family and friends, or better amenities.
