Dec 22 2008
Children living in the East Midlands have the highest savings account balances when compared to the amount of pocket money they receive.
This is the conclusion of a new survey by Halifax, the results of which may interest those saving for children.
It shows that East Midlands kids receive around £232 in pocket money a year and have average savings of £1,038.
Children in London have bigger savings balances on average at £1,379. However they receive almost twice as much pocket money at £440 a year.
Ken Stannard, head of savings at Halifax, said: "It is heartening to see that children are saving. It is important to encourage a good savings habit at an early age and explain the need of financial planning for the future."
Research carried out recently by NatWest revealed that 63 per cent of parents have increased the amout of pocket money they give to their children during the credit crunch.
However, kids are being asked to buy more of their own essentials - such as school uniforms and stationary - to help them learn about the value of money.
