Jul 11 2008
An increasing number of parents across Britain are urging their children to save money, according to a new report.
Many parents are having difficulty saving for children and as a result they are encouraging their sons and daughters to adopt good financial habits of their own.
Axa Insurance reports that more than one in five parents have begun to promote saving among their children and many young people have found their mums and dads more reluctant to lend them money.
"Teenage customers of the bank of mum and dad are most at risk of being refused access to lending facilities," the insurance firm reports.
"One in ten parents of 16 to 18-year olds say they have stopped lending money to their children altogether."
Skipton Building Society reported recently that parents in the UK are generally trying to shield their children from the impact of the credit crunch.
