Halifax: Children save most in the East Midlands

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Halifax: Children save most in the East Midlands

Tue 23rd Dec 2008

Research by Halifax has revealed that East Midlands children save more as a proportion of their pocket money than children from anywhere else in the UK.
 
The average amount of pocket money given to young people in the region is £231.92 a year, but the average child’s savings account balance is £1038 - an amount which equates to more than four and a half years of saving every penny of their pocket money.
 
Children in Scotland apparently have the lowest savings account balances, on average, despite having the second highest average yearly income.
 
Ken Stannard, head of savings at Halifax, said: "It is heartening to see that children are saving. It is important to encourage a good savings habit at an early age and explain the need of financial planning for the future."
 
A recent survey by NatWest revealed that increasing numbers of parents are giving children responsibility for their own expenditure during the credit crunch, in an effort to teach them prudent financial habits.

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