As living costs rise, parents should consider teaching their children the values of money and saving for the future, it has been suggested.
Putting pocket money aside into a savings account could be one activity parents could encourage their children to practice, said Lucy Pope, media relations manager for Liverpool Victoria (LV).
Her comments come as research from the mutual society suggests that the cost of raising a child to the age of 21 for parents is around £186,000.
Awareness of the high costs involved in raising a child will influence parents looking to educate their children on the value of money, Ms Pope suggested.
Opening a savings account for a child in addition to the onset of new technology could help children to become "more savvy" with online savings and enable them to witness the benefits of saving money by watching their deposits grow, she indicated.
"I think actually being able to see their money grow and things like that is a really nice way of bringing it all to life," Ms Pope commented.
Childcare bills and education were found to be the most expensive bills facing parents on £50,000 and over £47,000 respectively, according to LV's annual Cost of a Child survey .
Parents urged to encourage savings
Parents urged to encourage savings
Mon, 10 Dec 2007
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