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.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7034 2680 or email [email protected].IFAonline
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