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.”


  • Date posted:
    10/05/2013
  • Share:

View all articles

their customer service and quality is impeccable

Mr C, Oakham

extremely professional, thorough and very honest with his advice

Damian, Corby

the ability to identify problems and offer solutions quickly and painlessly!

Barbara, Oakham

© 2018 Arcus Taxation Accountants is the trading name of Arcus Associates Ltd. Registered in England & Wales Company No. 05065405.

privacy / cookies

website cms powered by csb internet

01572 770552