UK kids leave the piggy bank un-raided

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UK kids leave the piggy bank un-raided

Mon 23rd May 2005

The trend of adults spending more and getting further into overdrafts and credit card debt seems not to extend to the nation's young, following reports that children in the UK are piggy bank savers as opposed to piggy bank raiders.

New reports from Halifax indicate that on the whole, more than 50 per cent of all children in the UK save more than they spend.

It was found that boys are most likely to be into the saving habit, with most currently having an account with a bank or building society in which they can put aside money. Only three per cent have an account at the post office.

Some 45 per cent of all children save for expensive items such as computer games and DVDs, and are happy to wait until they have enough saved.

"It is great to see that children are starting to get into the savings habit at a very young age and particularly encouraging that they appear to know the importance of looking after their cash," said Cheryl Millington, head of savings at Halifax, welcoming the results.

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