Parents should open a savings account for their child as soon as possible, one expert believes.
Lisanne Mealing, managing director of financial advisors MDM Associates, said that in doing so, parents would be helping their children become more aware when it came to money matters.
And, she added, as kids got older, having a savings account could make them more financially responsible.
Ms Mealing, said: "From when they get to 11 or 12, you can basically start paying pocket money [into their savings account] … so they then know what they've got for the month.
"If they blow it all, then that's them stuck … So they're learning the hard way, but it actually starts to bring it home to them."
According to research by insurance company Liverpool and Victoria children between five and 18 received and average of £420.
The report also suggested that parents needed to start planning their finances as soon as possible to help meet the costs involved in raising a child.
Savings accounts key for kids, say expert
Savings accounts key for kids, say expert
Thu, 24 Jan 2008
Recommended links
Savings comparison and information portalToday's best savings options
Savings enquiry form
Guide to types of savings accounts
Children's accounts guide
Compare child trust funds
Parents urged to get saving as cost of kids rises
Accessibility is the key to Isas
<% Randomize: ord=int(rnd*1000000000) %>
 %>?)
| savings news |
|---|
| Skipton Guernsey launches new savings rates - Wed, 07 Jan 2009 |
| Skipton BS launches new savings bonds - Mon, 05 Jan 2009 |
| People make savings resolutions - Fri, 02 Jan 2009 |
| More News |
