Mar 31 2009
Parents saving for their children are being told that young people are increasingly becoming more financially savvy in the face of the credit crunch.
A survey by the Natwest MoneySense panel indicates that more than two-thirds of children know more about managing money than they did last year.
Mums and dads will also be relieved to know that almost nine in ten young people claim to be keeping track of their money.
However, children are still over-optimistic when it comes to estimating how much they will earn when they grow up – on average they expect a £53,900 salary by age 35, more than twice the current average wage of £23,893.
Maxine Norris, head of NatWest MoneySense for Schools, says the economic climate has encouraged young people to take savings and finance more seriously.
"We also see quite a lot of children who are putting money away for college and higher education," she adds.
