Saving should begin "in the cradle"

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Saving should begin "in the cradle"

Young people are unable to save money and are relying on handouts from older family members, a survey reveals.

Scottish Widows found that more than half of adults had given or lent their children or grandchildren large amounts of money from their own savings.

However spokesperson Anne Young suggested financial education should begin early in life and this would encourage people to save more for their future.

"I personally think they should be starting their savings in their cradle," she said.

Parents should really start getting children into the habit of putting a little bit of money away. It gets people into the habit of savings."

She added that tax-free savings accounts, such as Isas and child trust finds, were great ways to save.

The study showed that 49 per cent of parents think it will be more difficult for their children to save into a pension and 45 per cent think it will be harder for their children to build up savings that aren't tied up in a pension or property.
ADNFCR-323-ID-18525438-ADNFCR

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