Parenting News: Children are Saving 11 Times More Than Parents
In these tough economic times it seems that it is the children of Britain that are taking the initiative and saving for their future.
The Pocket Money Index has found that children are saving a staggering amount of money compared to their parents.
Children were found to save, on average, 80 per cent of their income, putting it towards their future.
This meant that they are only spending 20 per cent of any money they receive, compared to their parents who spend 93 per cent.
So where are the children of Britain getting all this money to save in the first place?
Well, the average child will get just over £26 for birthdays, £23 in Christmas money, and just over £8 for a good school report.
The tooth fairy will pay out £1.70 per visit and pocket money will be given for chores such as helping out in the garden and keeping the bedroom tidy.
Despite being frugal, children were likely to donate their hard-earned cash to charity with their favourite being Comic Relief to which they would an average of £2.
When it came to spending their money, Lego was seen as the most popular brand and an iPod was the most popular electronic purchase.
However, the biggest spending event for a child was Mother’s Day, showing that the children of Britain appreciate what their mothers do for them.
Ben Edwards, CEO of Roosterbank, said, “As well as a fun glimpse into the habits of young pocket money earners, the latest Pocket Money Index also supports the idea that a structured pocket money routine, linked to tasks and goals, will result in children having a better appreciation of the value of money and saving.
“Whilst adults have many outgoings which impact on their ability to save more, the 80% saving rate among children is still really impressive. It's easy and enjoyable for children to spend money so the decision to save requires a lot of thought and a real appreciation of added value of not blowing their hard-earned pennies.
“A regular pocket money routine not only helps children appreciate the value of money, it also sparks positive family discussions around the subject. Pocket money need not be an expensive, time-consuming burden for parents. Small amounts given regularly and managed in a fun, easy way will make a difference to every child’s attitude to money.”
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