Halifax notes importance of instilling savings accounts habits in children
www.moneynews.co.uk > Banking > Halifax notes importance of instilling savings accounts habits in children
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Halifax notes importance of instilling savings accounts habits in children
Tue 21st Sep 2010
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Flavia Palacios Umana, head of savings products at the institution, made her comments after a study by the firm found the amount of pocket money children receive is at a seven-year low.
She explained that young people will be able to see how their money "mounts up" over a period of time if they regularly put some aside.
"Teaching children how to manage their own pocket money is a great first step to building good financial awareness in our youngsters," Ms Palacios Umana noted.
According to the Halifax report, the average weekly pocket money received by youngsters currently stands at £5.89, which is a significant fall from 2009's £6.24.
Last week, the ifs School of Finance claimed young people need to be able to pick between complex financial products, which makes education in this area "key".
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Related News : Halifax |
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