Parents who give out more pocket money could also be neglecting to put cash away in a savings account for their child's future, it has emerged.
Research form Engage Mutual has found that more parents in the East Midlands give their children pocket money but this region is also the area with the least amount of adults saving for their children.
Only 33 per cent of parents in London fork out an allowance for their kids, but more parents in the capital will be putting money away for their children.
London is the area in England where the highest proportion of parents are saving for their children's future.
A 3GB spokesperson for Engage Mutual, Karl Elliott, has announced that his firm will be launching a new product later this year.
"We’ve also looked into what we can do to help children that missed out on the CTF [child trust fund] and will be launching our new tax exempt Easy Save product for them later this summer," he said.
The product will help parents save for their children's future, Mr Elliot added.
Last week, Unbiased.co.uk suggested that many parents are not taking full advantage of the tax breaks offered by child trust funds .
Parents neglect savings and hand out pocket money, study shows
Parents neglect savings and hand out pocket money, study shows
Thu, 20 Sep 2007
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