UK youngsters are getting into the savings habit thanks to Christmas, according to new research.
A quarter of British children generate savings in excess of £5 per week in the run-up to the festive season, while 24 per cent save less than this amount, a study by Halifax has revealed.
Also, 58 per cent of youngsters place more into their savings accounts than they spend during the season, although this varies by region and gender.
Banks and building societies are the preferred savings vehicles for UK children, with 54 per cent using this method - while others rely on moneyboxes or wallets.
Mike Regnier, head of savings at Halifax, said: "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."
The expert added that youngsters understand "the importance of looking after their cash", a trend which he described as "encouraging".
Earlier this year, Ed Balls, the economic secretary to the Treasury, claimed that the government wanted all families to start child trust fund savings accounts for their offspring.
Kids setting Xmas savings habit, study shows
Kids setting Xmas savings habit, study shows
Mon, 11 Dec 2006
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