Barclays is recommending that parents who want to help their children get a head start on learning to manage their finances take out a Child Trust Fund and watch its progress with their family.
Research by the bank revealed that 67 per cent of young people aged 18 to 24 believe their attitudes to money, budgeting and saving are influenced by their parents - suggesting it really is worth teaching your children the value of money from an early age.
It seems that parents have been making the effort - 78 per cent of the young people surveyed said their parents had tried to teach them about money management, but only 30 per cent felt they were actually skilled at managing their monthly income.
A Child Trust Fund provides a practical opportunity for parents and their children to watch savings grow and learn the value of investments, Barclays asserts.
"The introduction of Child Trust Funds provides parents with the ideal opportunity to educate their children about the benefits of saving on a regular basis from an early age," says Mike Rogers, managing director of UK retail banking at Barclays.
"However, the overall success of the scheme will be dependent on parents leading by example and making additional contributions to boost the value of their child's account."
The Child Trust Fund scheme received a boost in last week's Budget when chancellor Gordon Brown announced that the government would extend the consultation on offering a further payment when a child reaches secondary school age.Click here to find out more about making your child's savings grow.
© DeHavilland Information Services plc