Piggybanks still kids’ favourite way to save

24 October 2007
Children prefer to save their pennies in a piggy bank than trust their parents to keep their money safe, a survey has revealed.

Research conducted by HSBC bank and Personal Finance Education Group (Pfeg) has found that 42 per cent of pupils said they saved in a traditional piggy bank or money box.

The poll, which was conducted by Educational consultancy EdComs and questioned 1,369 children aged between seven and 11, also revealed that only 18 per cent of the respondents would trust their parents to save on their behalf, while some kids felt that their parents would spend their money by mistake.

Of the finance-savvy youngsters, an impressive three-quarters of the age group claimed to be saving money rather than splurging on sweets with one in ten saying they were saving up for future purchases such as university fees, a house or a car.

Commenting on the findings, Wendy van den Hende, Chief Executive of Pfeg, said: "Even by the age of seven, children are aware of the impact of money in their lives. Learning how to respect and manage money in their early years will give them the confidence to make responsible financial decisions as adults."

The survey is part of a new primary school education scheme formed by HSBC Bank and Pfeg called ‘What Money Means,’ which aims to teach children in every primary school in the country about managing their finances. Over the next five years, the initiative will provide 17,500 primary schools with resources, materials and support in the classroom in order to help teachers give children an understanding of how to use money responsibly.

The bank has pledged to contribute £3.4m to the scheme and expects employees to support the initiative by volunteering to work with teachers and parents.

HSBC Bank Chief Executive Dyfrig John added: "Giving young children a basic framework for making financial decisions and realising what those decisions will mean is the first step towards digging the foundations of long term prosperity."

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