Parents-to-be want kids to 'pay their way'
www.moneynews.co.uk > General finance > Parents-to-be want kids to 'pay their way'
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Money News |
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Parents-to-be want kids to 'pay their way'
Wed 25th Oct 2006
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A survey discovered that though 29 per cent of people aged between 45 and 54 expected their children to save for things such as university and a deposit for a first property, opinion was different in the lower age group.
Of those aged between 25 and 34, the percentage jumped to 52 per cent expecting their children to save for such events.
Head of savings at Bradford & Bingley Steve Potter remarked: "If this trend of parents expecting their children to save rather than parents bailing them out continues then the bank of Mum and Dad will be hanging up the 'closed' sign in two generations time."
"This makes it all the more important for parents to encourage their children to save from birth," he added.
The most popular choice of event for children to be encouraged to save for was the purchase of a new car.
The Bradford & Bingley FirstSave is an ideal way to encourage youngsters to save and is an instant access account for children up to the age of 12. The interest rate on the account stands at 4.75 per cent which rises to 5.25 per cent if three or fewer withdrawals are made in a year.
Related News : General finance |
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Related News : Bradford and Bingley |
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