Childrens Savings Accounts
Despite some welcome relief on family budgets thanks to a recovering economy and negative inflation, children are not benefitting from any extra pounds or pence in their money boxes when it comes to the amount of weekly pocket money they receive.
At a time when families are taking stock of their finances following the expensive Christmas period, the Economic Secretary to the Treasury, Andrea Leadsom, has announced that the government will fund a pilot programme to help children develop good financial habits at a young age by setting up savings clubs in primary schools in partnership with credit unions.
Children who receive pocket money are more likely to develop strong financial planning skills in later life and are much less likely to be in debt, according to a pan European study of more than 12,000 consumers across Europe.
Despite increasing news coverage of the recovering economy, it appears children are not experiencing any green shoots, as the amount of pocket money parents are giving their children has dropped in the past year.
More than three quarters (77 per cent) of parents would like to see more financial education in schools, according to new research from Santander 1|2|3 Mini. Just one in four of the parents surveyed thought schools offered an adequate level of financial education for their children.
Today’s young people are setting aside more money than their parents’ generation did when they were young, according to research from Santander 1|2|3 Mini. But the study also reveals the nation’s £15 million playground debt, as millions of 11-16 year olds borrow petty cash from family and friends.
Savvy youngsters are saving more than their parents’ generation did, with 94 per cent of today’s 11-16 year olds setting money aside for the future, according to new research from Santander 123 Mini.
The Junior ISA celebrates its second birthday on the 1st November and for the first time a majority (57%) of parents are aware of the long-term children’s saving product.
Almost three quarters of parents pay pocket money in the UK, contributing over £43 million to their children's piggy banks every week, data from the latest Aviva Family Finances Report series reveals.
Skipton Building Society has bolstered its good value range of young people's savings with a unique new Children's Bond offering a rate of 3.00%, fixed for five years.
To mark the birth of The Duke and Duchess of Cambridge's baby boy, George Alexander Louis, Virgin Money is giving away Virgin Young Saver Accounts loaded with £25, and WWF Animal Adoption kits, to the first 1,000 Georges aged under 16 who open an account in-Store.
The vast majority of 10 year-olds are more savings savvy than their parents were at the same age, with more than one in 10 already putting money aside to prepare for school, university or even buying a house.
Virgin Money has partnered with the WWF, the world's leading independent conservation organisation, to show the importance of saving for the future - whether that is for the financial future of children, or protecting the future of some of the world's endangered animals.
The majority of parents with children currently 10 years old or under have some form of savings account for their child in place, according to the latest research from Lloyds TSB.
As Junior ISAs (JISAs) pass their first anniversary, analysis of Alliance Trust Savings customer data has revealed that nearly a third of JISA holders are one-year-old or under (29%), with 13 year olds the next most popular age (12%).
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