YOUNG people in York are five times more likely to favour a healthy bank balance than a social life - according to Britannia Building Society.

A survey of 50 young people aged between 18 and 30 in York city centre suggests the city's young are rejecting material comforts in favour of a financially secure future.

Three out of five think financial security is more important than settling down and having a family, and seven out of ten young people rank clearing their debts as their top priority.

Almost one-third of York's young people think it is best to start saving at school, and more than half believe it would be conscientious to put something aside from their first job.

Young people in York are twice as likely as those in the south to decide they can go without an item, and 78 per cent feel there is too much pressure from celebrities and glossy magazines for them to be seen in designer clothes with the latest gadgets.

Love matches are likely to be based upon financial understanding, with 83 per cent declaring they would kick a partner with hidden debts into shape, and 19 per cent prepared to squirrel away a secret nest egg.

Jo Hine, of Britannia Building Society, said: "With the average student debt now topping £10k, together with the rise in property prices and growing concerns about the provision of state pensions, young people are uncertain about the future and naturally cautious about living beyond their means.

"Instead of taking the attitude of 'worry about it later', young people are being responsible about their finances and enjoying the freedom that this is giving them. The main focus seems to be getting a foot on the property ladder and building a solid foundation for the future.

"We have also seen a dramatic increase in the number of people paying into savings accounts."

Updated: 09:16 Thursday, May 22, 2003