A third of children have never saved and over a quarter have never set foot in a bank or building society, according to research from Ipswich Building Society.
The survey of 581 children aged between five and 12 years old reveals 60% say they mother speaks to them about money and saving, but 33% - equivalent to 1.9 million – have never saved.
In addition, over a quarter (27%) have never, or don’t know if they have ever, been to bank or building society.
Despite many children never having set money aside for a future purchase, the research suggests ‘saving hard’ is the fourth most accepted means of becoming wealthy.
But the most popular route of becoming wealthy is ‘working hard and getting a good job’, cited by 42% of children, followed by ‘winning it’ (20%) and ‘having a rich family or inheriting’ (19%).
Ipswich BS says having a good role model is the key to educating children, as 84% are aware their parents save, which is raised to 91% where children have visited a bank or building society.
Paul Winter, chief executive designate at Ipswich BS, says: “The research clearly indicates that there is a great need for us to educate children about money and it’s evident that by taking children to a bank or building society, we can encourage good savings habits.”
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First mentioned in Cridland Report
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