Young people who are earning good wages tend to keep too much of their money in cash, it has been claimed.
According to Anna Sofat, director of AJS Wealth Management, wealthy young people maintain this practice because they do not feel the need to worry about their finances.
In addition, she said that they often kept a great deal of their money in cash because retirement is "a long way off" and so doesn't pose an immediate concern.
Ms Sofat commented: "Young people often have too much [of their assets] 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. They're enjoying life, they're earning and they're being successful.
"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."
