Aug 28 2008
Many parents want to start saving for children early on – and these savings could provide a nest egg for when they become adults – but a financial information service has suggested helping children save for themselves.
Moneyfacts, an independent service, has said many teenagers may be about to start working part-time and earning a disposable income.
Some banks, for example the Co-Operative Bank, offer accounts for children as young as seven, while older teenagers can take advantage of high gross credit interest rates for balances under certain levels.
The study said: "Children don't receive information at school about financial matters, so as parents it is up to us to teach our children how to budget and save."
Education like this could prepare children for "a lifetime" of managing their money, it continued.
For parents who would like to continue saving for children themselves, individual savings accounts and various investment products are available.
