Kids should be saving from 10, say parents

03 October 2006
The majority of British parents think children should be starting a savings account of their own by the time they are ten years old, according to Bradford and Bingley.

A survey conducted by the building society said that 55 per cent of adults thought a savings habit should be encouraged from an early age and a third of all children believed they should have saved £2,000 or more by the time they reach 18.

Half (50 per cent) of all children respondents said they expected to spend their savings on a car, and over a third (38 per cent) said they would use it for university or as a deposit for a house.

"Whatever the motivation, it's clear that today's parents are actively encouraging their children to save for their future," said Steve Potter, head of savings at Bradford and Bingley. "The expectations are high but it appears to be getting results.

"Our survey suggests that two out of three children are saving and 48 per cent of respondents believe that their children save more than they did at their age.

"We have also witnessed this trend in our branches with high uptake for our FirstSave and SmartSave children's accounts."

To read more about children's savings, click here.

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