Oct 2 2006
British parents believe that children should save more than they did themselves when they were young, according to recent research.
The study published by Bradford & Bingley claims that 55 per cent of adults believe that children should start saving before their tenth birthday, with a third of those surveyed believing that children should have saved over £2,000 by the time they are 18.
Steve Potter, head of savings at Bradford & Bingley, said that parents had been encouraging their children to save with some success, noting increases in those choosing to start a children's account at their branches.
"There are a variety of children's savings products currently available and it pays to consider which is most appropriate for you at a given moment," he said.
"While your child is an infant, for instance, you may wish to top up their child's child trust fund or invest in a children's bond, but as they grow up you can give them control of their own savings by encouraging them to open their own account," he added.
In May of this year, the Building Societies Association published its guide - Children's Savings to 2021 and Beyond paper, encouraging young children to save money.
For information on a range of child savings accounts, please click on our free brochures page.
