Kids Pick Up the Saving Habit While Young
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Researchers have found that encouraging children to save teaches them the value of money and sows the seed of the saving habit.
UK building society, Nationwide has revealed that children who are encouraged to start saving from an early age keep up the habit in adulthood.
A 2008 survey by the building society found that 51 per cent of respondents saved when they were a child and 71 per cent of that number now save regularly in adult life.
This compares sharply with the percentage of people who didn’t save regularly as a child but who do so now, which stands at just 45 per cent.
Of the former child savers, an overwhelming 92 per cent said that the habits acquired earlier in life had helped them to grow up appreciating the value of money.
Conversely, 69 per cent of the non-child saver category admitted that they do not now appreciate the value of money.
Nationwide director for savings Matthew Carter commented: “Habits die hard, and this research shows that those who learnt the value of money and how to save effectively at a young age, are more likely to continue to do so in adulthood.
“It’s heartening that so many people will encourage their children to save, even if they didn’t save as a child because, with the current economic situation getting tougher, it’s never been more important to put money aside for that rainy day.”
However, separate research carried out for the Nationwide found that consumers are losing interest in saving as the effects of the credit crunch bite.
Mr Carter said: “It’s a pity that many consumers seem to be feeling the effect of the current economic situation.”
