Jan 31 2008
Around one in two parents do not give their children pocket money as they prefer to put the cash aside for their offspring's future, research from engage Mutual Assurance reveals.
The group also suggests that parents with twins are more likely to save regularly into child trust funds with the financial services provider than those without twins.
According to engage, these are two of the main findings from studies into family financial relationships conducted throughout 2007.
Karl Elliott, 3GB spokesperson for engage Mutual Assurance, said: "Over the course of 2007, we've seen family relationships strained by money matters."
Rising costs throughout Britain should prompt families to plan ahead financially and manage their money in a careful manner, he added.
In addition to the above statistics, engage found that 46 per cent of parents with children over 25 still lend financial support to their offspring, suggesting the task of saving for children continues into parents' later years.
In 2007, the government announced it was planning to improve financial education in both primary and secondary schools.
