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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Monday 10th December 2007
Parents are being called on to get their children into the habit of saving from an early age, so that they do not end up living a life in debt.
Many people suffer debt problems because they have become used to a life in which they are constantly using credit cards and loans to fund their lifestyles, but LV= has argued parents should be teaching youngsters to save their pennies so that they become used to a culture of saving, rather than spending.
"It's really good for the child to actually see how things are growing, and obviously with the onset of technology children can be more savvy with online savings," commented Lucy Pope, media relations manager at LV=.
According to a recent study from LV=, the average cost of raising a child up to the age of 21 is £186,000, meaning that getting them to save their money can be a good way to ensure they have a good nest egg to fund themselves once they leave the family home.
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