Teach the children about saving money, NS&I warns

Fri, 09 Sep 2005

Parents should teach their children about saving money , National Savings and Investments has suggested.

In a new report, it has been revealed that more than a quarter of parents fail to educate their children about finances and financial management .

And the parents that try to teach their children about money matters often miss out important aspects, National Savings and Investments suggested.

Nearly nine in ten parents realise that it is their job to teach their offspring about finances, but less than a quarter succeed in explaining to children how money should be managed.

"Although parents have good intentions, a significant proportion are failing to talk to children about money," commented the organisation's senior savings strategist Dax Harkins.

"With the financial pressures on the younger generation greater than ever, it is vital that we help educate children on money matters," he commented. A quarterly report by National Savings and Investments revealed that Britons between the ages of 16 and 24 are the nation's best savers, saving more than ten per cent of their income.

Mr Harkins said parents should involve children in savings from an early age. Having them use piggy banks or helping them open children's savings accounts could do a great deal to prepare them for making sound financial decisions in the future.

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