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Parents put pocket money first

Parents prioritise giving their kids pocket money over saving for their future, according to a new survey.According to the findings by Engage Mutual, parents much more likely to give their children pocket money than they are to put cash in a savings account for them - 48 per cent of parents with children under the age of 25 give them pocket money, compared to just 32 per cent who save for their future.Significantly, the study found that the children who got the most pocket money now, were the most likely not to have savings in the future, adding further to existing concerns over the UK's savings gap.The regions where parents were the tightest with pocket money, turned out to be the places where parents saved the most, spelling out a clear message.Karl Elliott, spokesperson for Engage Mutual commented: "In a credit card society that is driven by a have-it-now culture, it is pleasing that so many parents are saving for their kid's future and those children in areas where parents are the tightest on pocket money will thank them in years to come when they enjoy the benefits of a healthy, matured savings fund."Recently, the government launched the Child Trust Fund, a savings and investment account scheme available to all children born on or after 1 September 2002 who are entitled to a £250 voucher to start their account, which cannot be touched until they are eighteen, in the hope of giving them some money to help them start their adult life.

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