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Savings ‘more important than ever’

Savings ‘more important than ever’

Category: Savings

Updated: 26/02/2009
First Published: 25/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Fifty-six per cent of parents with children over the age of 16 have admitted to giving or lending a substantial amount of money to their kids or grandchildren, with one in six increasing their own debt to help their offspring.

The findings are part of a report by Scottish Widows that has highlighted the growing need for people to save from an early age, as parents are being forced into debt as a result of their children's inability or reluctance to save.

The average amount given was £11,776, meaning the total amount householders gave to their children - known as the 'Saving Sap' - has risen to £72.5 billion, an increase of eight per cent from £67 billion in 2008.

Gordon Greig, head of savings, said: "The 'bank of Mum and Dad' may not be as giving as it once was; therefore it is more important than ever for people to save consistently."

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