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Saving mindset starts in childhood

15 March 2006
Approximately 62 per cent of Brits have no savings at all and it could be parents that are to blame, according to a new survey from Scottish Widows.

Almost half (48 per cent) of those without savings said their parents had been the most significant influence on how they handled money matters thus far.

However, it also appears that saving habits can be kick-started by parents, 57 per cent of respondents saying they follow in their parents' footsteps when it comes to putting money aside for the future.

Another third of savers said they taught themselves the discipline required to benefit from saving.

Anne Young, spokesperson for Scottish Widows, said: "There were a number of people who whilst they weren’t taught good savings habits as a child have managed to turn this around and now save regularly in adulthood."

She added that subscribers to the 'spend now, pay later' lifestyle should not hide behind their parents as an "excuse" for their failure to save.

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