Halifax: Children's savings accounts on the agenda for Britain's kids Go compare with our comparison table

Halifax: Children's savings accounts on the agenda for Britain's kids

02 November 2010 / by Rachael Stiles

Children are eager to learn about saving, new research from Halifax has found.

Children want to learn more about saving, with 77 per cent expressing an interest, according to the latest Halifax Pocket Money Survey.

The survey shows that children are looking to personal role models to teach them about the merits of saving, and the best ways of going about it.

The report, which also asked children to estimate the cost of every-day items like food, found that, of the 1204 children aged eight to 15 who were surveyed, 57 per cent said their preferred method of learning about savings is at home, from their parents,.

A further 20 per cent would like to learn more from their teachers, eight per cent said they want to learn about children's savings over the internet, and five per cent opted for the TV as their learning tool of choice.

Flavia Palacios, head of Halifax savings, said: "That children want to learn about savings is a very positive sign. This is especially encouraging in the light of the government's announcement to introduce Junior ISAs as this provides an ideal opportunity for parents to start talking to their children about saving."

She added: "Making saving a shared activity and raising children's awareness of the cost of products is an ideal way of promoting greater budgeting skills in later life."

The Junior ISA is a new initiative, planned to launch next autumn, and aimed in part at replacing the Child Trust Fund which is to be scrapped at the end of the year.

Like the Child Trust Fund, the money in a Junior ISA will not be accessible until the child turns 18, offering a tax-free vehicle for children and to encourage them to develop a savings habit.

© Fair Investment Company Ltd

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