Mar 27 2008
Parents around the UK have been urged to teach their children about how to manage their finances.
According to Anne Young from Scottish Widows, it is important for parents to give their sons and daughters an understanding of how to handle money as early as possible.
Ms Young is also keen to see parents setting money aside on behalf of their children through an individual savings account or a child trust fund (CTF).
"CTFs, if you've got an eligible child, you must use the voucher that the government sends you - it's free money," she said.
"If you're going to save, don't pay tax - it's a no-brainer. Use your Isa allowance."
She went on to suggest that adding to a savings account through regular direct debit payments can often make the process less of a concern because "it whisks it out of your bank account before you've even realised".
A recent study carried out by Scottish Widows found that British parents are increasingly helping their grown-up children out of financial difficulty.
