Many parents are more likely to contribute towards savings for their children than give out pocket money, according to a new report.
A survey by engage Mutual found that while 55 per cent of parents in the east Midlands regularly give their children pocket money, less than 20 per cent said they made regular payments to savings.
By contrast, 40 per cent of parents in London said they regularly made contributions to their child's savings, with 33 per cent claiming to hand out pocket money.
Karl Elliot, spokesperson for engage Mutual, said "those children in areas where parents are the tightest on pocket money will thank them in years to come when they enjoy the benefits of a healthy, mature savings fund".
In related news, The Children's Mutual recently welcomed a move by the government to improve financial education in primary and secondary schools through the use of bank accounts and lessons in financial concepts.
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