Children saving for themselves
Child savings accounts are booming
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Monday, 11, Dec 2006 02:44
The UK's children are well ahead of their elders when it comes to savings, new research shows.
But boys are proving to be better users of child savings accounts than girls.
Halifax's annual pocket money survey reveals 64 per cent of boys save more money than they spend, compared with 52 per cent of girls.
The news the majority of the nation's youngsters are putting more money in the bank than they spend in the shops is seen as "encouraging" by Halifax.
"It is great to see that children have a positive attitude towards saving and are starting to get into the savings habit at a very young age," said Mike Regnier, head of savings at Halifax.
"Children are capable of saving money and are prepared to save up for Christmas shopping or expensive items that they want.
"It is encouraging that they appear to know the importance of looking after their cash at such an early age."
And younger children are more likely to put money into child savings accounts.
Some 69 per cent of seven to 11s save more than they spend, compared with 49 per cent of 12 to 16s.
Regionally, child savings accounts are most active in the West Midlands where - despite having the lowest weekly income - children save more than anywhere else.
But saving is not the only option children have open to them if they need cash in a hurry.
While 45 per cent put money away to afford an expensive treat, 22 per cent simply nag their parents to buy it for them.