Market Research Finds British Youth Getting Serious About Saving Money

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6th August 2012 15:41 - Financial Services

A survey of 1,000 children and parents by money-saving website MyFamilyClub has found that the UK’s youth are responding to the tough economic climate by becoming thriftier with saving than most adults.

The study was conducted to find out the actual and physiological impact of the recession on the nation's kids. While the average adult consumer has borrowed £4,221, excluding their mortgage, the research findings suggest that children are learning the lessons of overspending by increasingly being prudent.

Three quarters of the kids surveyed have their own bank account, with 81% of these having deposited money into their accounts within the last year.

In terms of regional variations, the youth in Scotland were revealed as the best savers, with 89% putting their money in a nest egg. Scottish children also receive the highest average weekly pocket money allowance of £5.26, compared children in Wales who are given £2.80 on average.

Comparatively, 72% of children in the South East and 84% in the South West save their money, while 65% of children in the Midlands are least likely to have a savings account.

A spokeswoman for MyFamilyClub said that overall, British children are taking their money seriously, with 78% saving some or all of it.

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