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LONDON - Children are among Britain's savviest savers, building up bumper bank accounts for the latest must-have item or Christmas shopping, a survey shows.
The Halifax survey found almost 60 per cent of children save all their pocket money or at least more than they spend throughout the year - that compares with just a third in 1988.
And, with a quarter of children saving more than £5 ($14.40) a week, they could be gearing up for a bountiful festive spending spree.
Mike Regnier, head of savings at Halifax, said: "Children are capable of saving money and are prepared to save up for Christmas shopping or expensive items they want.
"It is encouraging they appear to know the importance of looking after their cash at such an early age."
Despite having the lowest weekly income of £24.59, compared with the UK average of £33.59, children in the West Midlands are the nation's best savers. Three-quarters save all their money or more than they spend.
Children in Yorkshire and Humberside are the worst, with just 42 per cent saving all or most of their money.
The study also shows boys and younger children are more inclined to save their cash.
Some 64 per cent of boys save most of their pocket money, compared with 52 per cent of girls.
Meanwhile, more than two-thirds of seven-to-11-year-olds save the bulk of their money - against 49 per cent of 12-to-16-year-olds.
Half of the 1200 children aged seven to 16 surveyed said they were saving for a particular item.
- REUTERS
