Many parents are unsure how to get their children into the savings habit from a young age, one expert has claimed.
Halifax stated that while Christmas is an ideal opportunity to get youngsters into the savings habit - and some parents would benefit from advice in making this into a reality.
As such, the bank has issued a number of tips to help UK adults inspire the savings habit in their offspring.
Advice to encourage teenagers to value the importance of making savings includes reinforcing their potential value in acquiring that sought-after Playstation game or new pair of trainers.
Additionally, the company states that child trust fund savings accounts are an "ideal opportunity" for parents to build up a nest-egg for their youngsters.
Mike Regnier, head of savings at Halifax, said: "When it comes to building awareness of good financial practice parents must adapt their approach towards the child's age.
"Financial education in the home will also be driven by the family's attitude and value of money."
Recent research from Halifax found that 58 per cent of youngsters will be depositing more into savings accounts than they spend each year.
Parents need savings tips, expert claims
Parents need savings tips, expert claims
Wed, 13 Dec 2006
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