Children as young as 10 saving for university

Children as young as 10 are starting to save early for key milestones in their lives such as buying property, starting a business and going to university.

A report by Scottish Widows found that the tough financial situation is producing a generation of children who are more switched on to saving than previous generations.

11% of those surveys said they had already started saving towards the cost of college, university or buying their first home.

A further 6% said they were saving up for their first car and 2% were putting money away to start their own business.

Unsurprisingly, toys and games remained the top priority for young savers with 48% saving for them.

98% of the 10 year olds surveyed said they had already got into the habit of saving for a rainy day, compared to just 15% of adults who said they had started saving before the age of 15.

The majority of children who received regular pocket money got between £5 and £10 a week with many saving a portion of this and 10% saving all of their cash.

The report also suggested that children were more financially aware than previous generations, with 70% knowing what a pension was.

Jane Humphries, Professor of Economic History at Oxford University said;

“These children started school around the start of Britain’s financial crisis, so perhaps growing up in an age of austerity has made them realise that saving for a rainy day is sensible.”

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