Young people should be having fun when they save, says Leeds Building Society that has launched a new savings account to help people do just that.
Head of marketing and public relations at Leeds Building Society Karen Wint comments that the new savings account will encourage young people to save and enjoy "fantastic" rates of return.
"There is no shortage of data showing a high level of financial illiteracy among young people. A survey by city regulator the Financial Services Authority revealed that 15 per cent of 18 to 24-year-olds think an individual savings account (Isa) is an iPod accessory", she remarks.
Ms Wint adds that these new additions to the products already offered by the building society coincide with the introduction of personal finance education by Ed Balls, the secretary of state for children, schools and families.
For those under the age of 11, a dinosaur-themed savings account will provide an entertaining angle on finance and children aged 12 to 17 will be able to access a savings account called The Vault.
Yesterday, spokesperson for Equanimity Helen Howcroft urged savers to leave their stash of cash alone to take advantage of the best rates of interest.
New savings account launched for young people
New savings account launched for young people
Wed, 15 Aug 2007
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