Children 'thriftier than parents'
Filed under: Savings & ISAs
While the average adult consumer has borrowed £4,221, excluding their mortgage, it appears children are learning the lessons of overspending, according to figures published by the money-saving website MyFamilyClub.
Need to know: Savings
Of the 1,000 children and parents who took part in the survey, three quarters of children in the UK have their own bank account and 81% of those have deposited money into their accounts within the last year.
Regional variations show that children in Scotland are the best savers, with 89% of youngsters putting their money away, while 72% of children in the South East save.
A spokeswoman for MyFamilyClub said that children are also investing pocket money far more wisely than ever before, with 78% of children saving some or all of it.
The survey has been conducted to find out the actual and physiological impact of the economic crisis on the nation's young. Parents were asked questions about their children's experiences with money, including those around earning, saving and spending, perceptions and awareness, the spokeswoman said.
The survey revealed that eight out of 10 children are expected to earn their pocket money by carrying out chores. In return they receive a national average weekly allowance of £4.65, which they are most likely to spend on toys, sweets, magazines and computer games respectively, the survey said.
But the figures also revealed that 15% of children do not receive any pocket money at all because their parents are unable to afford it, and 16% of children also worry about money.
The spokeswoman said: "Despite the fact that 57% of parents discuss money with their children, about three in four did not understand the meanings of the words debt, redundancy and recession."
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