Oct 25 2006
Children should start saving for major purchases from a young age, according to the results of a recent survey.
The study, by Bradford & Bingley, found that 55 per cent of adults believe that children should start saving in some way before the age of ten.
According to the report, one in three parents expects their child to have saved £2,000 or more by their 18th birthday.
While 29 per cent of parents aged 45 to 54-year-olds expected their children to save for important purchases such as the deposit on their first home, this figure rose to 52 per cent for those aged 25-34.
Steve Potter, head of savings for Bradford & Bingley, commented that if this trend continued the "Bank of Mum and Dad" would be closed within two generations.
"This makes it all the more important for parents to encourage their children to save from birth," he added.
Recently, the Royal Institute of Chartered Surveyors reported that affordability of homes for first-time buyers was getting worse, with rises in prices exceeding wage increases.
For information on a number of saving plans for children, please click on our free brochures page.
