A new study shows that over half of children save more money than they spend.
Boys are more likely to save than their female counterparts, according to the research by Halifax. Most hold current accounts or savings accounts with banks and building societies.
Cheryl Millington, head of savings at Halifax, said it is great that children are starting to get into the habit of saving at a very young age. She said it is particularly encouraging that they appear to know the importance of looking after their cash.
Another encouraging trend showed that almost half of children save up for expensive items they want and that they will save their money until they have the amount that is required to buy it.
The findings further suggest that the next generation of consumers are going to be more aware of the importance of saving. Young savers are ensuring they place their money in an account and move away from the ideas of a moneybox or piggy bank.
Older children are becoming more likely to use savings accounts or current accounts offered by banks or building societies. Only three per cent hold a Post Office account instead.
Following the merger of Halifax and Bank of Scotland on 10th September 2001, HBOS has 22 million customers.
With assets of over £440 billion, it is the UK's largest mortgage and savings provider as well as being a major player in the provision of new current accounts and credit cards in the UK.
Children are "big savers"
Children are "big savers"
Mon, 23 May 2005
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