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Bank Account News
Current accounts 'may boost kids' saving' - 15/11/2007
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British parents and their children should consider opening current accounts in order to boost savings and increase financial awareness among young people, according to one financial institution.
With British children receiving an estimated £29 billion in pocket money each year from their parents, research conducted by Abbey Current Accounts suggests that young people save around 46 per cent of their pocket money.
Young people spend just 54 per cent of their pocket money each week, with the most popular items bought being clothes and sweets and snacks, while 54 per cent of those polled said that they understood the effect of inflation on their pocket money.
Steve Shore, Abbey head of banking, said: "It's encouraging that most children are learning the value of money by having to earn their pocket money. It's also great to see that they're saving almost half of their pocket money each week."
The poll of 11-18-year-olds reveals that average pocket money per week now stands at £12.12 and around 88 per cent of children earn their pocket money through chores such as tidying their bedroom, washing dishes, walking the dog and vacuuming.
However, a new report by child poverty charity The Frank Buttle Trust exposed the hardships that the one in three children in Britain who live in poverty experience, with a quarter of the poorest households in the UK unable to afford to put a daily hot meal on the table and children as young as five aware of parents' financial struggles.
© Adfero
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