London’s ’stingy’ parents best at saving for kids’ futures
September 21, 2007 by admin
Filed under News, News-Banking
New research of parents’ spending habits by Engage Mutual suggests there is a direct trade-off between giving children generous pocket money allowances and saving for their future.
The study reveals that London is the bottom of England’s pocket money league – with just a third of the capital’s parents giving their children an allowance – but conversely it is the region where parents are most likely to save for their children’s future, with four out of ten doing so.
By comparison, in the East Midlands fewer than a fifth of parents make such provisions and yet they are the most generous on the pocket money front, with 55 per cent dishing out regular allowances.
Scottish parents, meanwhile, scored consistently low on both fronts, with only 37 per cent handing out pocket money and 40 per cent setting aside savings.
On a national level the proportion of parents saving for their child’s future stands at 32 per cent, its highest level for over a year.
Karl Elliott, 3GB 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”.
He added: “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.”
