LV= says parents should encourage saving

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LV= says parents should encourage saving

Mon 10th Dec 2007

Parents looking to educate their children on personal finance should encourage them to contribute to a saving account, it has been suggested.

Lucy Pope, media relations manager for mutual society Liverpool Victoria (LV=), said opening a savings account for a child would help to educate them on the importance of the value of money and saving for the future.

"I think actually being able to see their money grow and things like that is a really nice way of bringing it all to life," she said.

Modern technology and online savings accounts could help this process by enabling them to become "more savvy" about personal finance management, Ms Pope of LV= indicated

Her comments come as LV= has published its annual Cost of a Child survey, which estimated the cost of raising a child to the age of 21 as around £186,000.

With the cost of raising a child continuing to rise, parents made aware of the issue are likely to want to educate their children on the value of money, Ms Pope suggested.

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