A new survey has revealed that children are keen to start saving from as young as seven years old, with some believing their bank accounts will be in credit by millions.
Conducted by the Post Office, the poll revealed that one in ten seven-year-olds aim to have at least £1 million in their savings account by the time they are 18, while 33 per cent gave the slightly more realistic figure of £1,000 to £10,000.
Considering the average pocket money a child receives is £3.24 a week, according to the research, the youngsters may have trouble saving up that much as 44 per cent say they actually spend it all on sweets.
Richard Norman, director of savings for the Post Office, recommended a Child Trust Fund to help kids financially later on in their lives: "[The scheme] is an ideal way for parents or grandparents to put money aside which they and their children can then watch grow."
Child Trust Fund provider the Children's Mutual recently announced that 4.4 million parents are now making tax-efficient savings for their offspring's future.
Children reveal savings prospects
Financial Services > Saving Accounts > News
Children reveal savings prospects
Fri, 04 Sep 2009
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