Monday 11th December 2006
Children are putting more than half of their pocket money into a savings account, according to high street bank Halifax.
Results from the Halifax pocket money survey, which looked at the spending habits of seven to 16-year-olds, showed 60 per cent save more than they spend, with 25 per cent saving more than £5 each week.
Mike Regnier, head of savings at Halifax, said: "It is great to see that children have a positive attitude towards saving.
"Children are capable of saving money and are prepared to save up for Christmas shopping or expensive items that they want."
Mr Regnier added that it is "encouraging" that children know the value of money and are keen to save for the future.
However, children were less respectful of their parents money, with 22 per cent admitting to using "pester power" to get the Christmas present they want this year.
Halifax offers child trust funds as a tax-efficient way for parents to save money for their children and to take advantage of government subsidies through the scheme.
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