Youngsters investing in their futures - Savings - News - Moneyfacts


Youngsters investing in their futures

Youngsters investing in their futures

Category: Savings

Updated: 07/05/2013
First Published: 03/05/2013

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 It is now over 6 months old so the content may be out of date.

Growing up in an age of austerity has led to children as young as ten becoming 'savvy savers', according to a study by Scottish Widows.

A massive 98% of youngsters aged 10 are saving money on a regular basis, with 43% claiming that they are largely influenced by the financial habits and attitudes of their parents.

Around 70% of adults said they are actively encouraging their children to save and are teaching them the importance of saving for a rainy day.

The costs of attending college and university are also high on the priorities of young savers, with one in ten making the effort to save for future education.

14% of young savers said they are putting money aside for when they get older, whilst an impressive 70% of children were found to have a sound understanding of what a pension is and are considering how they would like to spend their retirement.

Iain McGowan, head of investment propositions at Scottish Widows, said: "Whilst it may not be necessary for children to begin saving pocket money from the age of 10, this positive attitude will help the next generation manage their finances and prepare early for milestones such as securing a mortgage and even their retirement."

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