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Children Showing Parents how to Save

Research shows that children are becoming more accustomed to saving than ever, with 75pc of kids having their own bank account. 81pc of those children have also deposited money into their account in the last year, according to a study by MyFamilyClub.

It seems children are learning the lessons from parents, who on average have borrowed £4,211 excluding their mortgage, and are actively saving for the future. There are regional differences across the UK in terms of savings patterns among children too, with Scotland boasting the best record, with 89pc of youngsters partaking in saving. The South West also scores well on the savings chart, with 84pc of children owning their own bank account, the highest figure in the UK.

In terms of pocket money, children in Scotland are best off when looking at the weekly average, being given £5.26 by parents. On the other hand, Welsh children are given £2.80 per week on average, the lowest in the UK.

The survey also revealed that the vast majority of children are expected to earn their pocket money by doing chores, and in return will receive over £4 per week. However 15pc of children do not receive any pocket money at all as their parents are not able to afford, and worryingly, 16pc of children are concerned about money.

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