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Millennials would rather save for their holiday than their pension

Millennials would rather save for their holiday than their pension.

A study has found that self-employed millennials are more worried about saving for their holiday, with 40 per cent admitting to putting money aside for a break away. And 34 per cent of young people save up to buy a new home whilst a further 20 per cent want to keep their money to one side in order to take a career break later on.

Emma-Lou Montgomery, associate director at Fidelity, said: "The beauty of youth - never more so than when it comes to saving and investing - is that time is firmly on your side. Every penny you put aside in your 20s (or younger) will grow into something worthwhile, thanks to the magical power of compounding. This is when the returns you make on your hard-earned cash start to generate their very own returns. All without you having to do anything more than stay invested."

And when it comes to saving money on vacation, holidaymakers can save money by extending their holiday over a weekend.

The Expedia Group wrote in their report: "By extending weekday travel (Monday - Friday) to include a Saturday night in-destination, travellers can save around 25 per cent of the weekday-only return fare. In other words, stay a bit longer in destination and you'll probably save money on the total cost of the flights. For some popular corporate travel destinations, where weekday travel is in high demand, the data shows return-airfare can be almost halved if travellers add a Saturday stay to a weekday trip."

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