About four-fifths (78%) of parents said they encourage their child to save some or all their pocket money, according to the UK-wide survey carried out by Censuswide in October. More than two-thirds (68%) of parents reported that their children are balancing saving with spending, using their pocket money to buy items such as food, toys, and video games. Joanne Phillips, managing director of Aviva Direct Wealth, said: “Our research suggests that Gen Alpha is emerging as Gen Save. “Children are starting to save early, manage their money wisely, and build strong financial habits that will benefit them well into the future. “With children already saving an average of over £400, they are gaining confidence in both the importance of saving and the benefits of interest-earning accounts – lessons that will serve them well during adulthood.”

Source: The Herald November 19, 2024 13:34 UTC