View more on these topics

Children prefer piggy bank to a savings account

Many children are failing to earn interest on their pocket money or wages because they put the cash in a piggy bank instead of a savings account, according to the Halifax.

Half the 1,005 children questioned in a survey said they keep their money in a piggy bank while 6 per cent entrust it to their parents.

Only around a third put their cash in a bank or building society account.

The survey of children aged between seven and 16 shows that boys get an average of £6.18 pocket money each week compared with £5.38 for girls.

Most children aged between 11 and 16 are given £5 a week but one-fifth receive £10. Scottish children get the highest pocket money with an average of £6.28 a week, while children in the South get £5.96 a week.

Nearly a quarter of 11 to 16-year-olds have part-time jobs, earning an average of £27.31. This rises to 58 per cent of 16-year-olds, who on average earn £42.20 a week. Paper rounds are the most popular jobs.

One of the main reasons for having a part-time job may be that more than a fifth of the children questioned own a mobile phone.

Head of savings Nick Robinson says: “There is little doubt that children do extraordinarily well from the amount of pocket money they receive from parents and grandparents. They are not only very good negotiators when it comes to pocket money but they also appear to know the importance of looking after their cash.”


Nationwide and Halifax making no immediate change to rates following BoE cut

The largest lenders including Halifax and Nationwide say they will monitor the reaction in the market to the Bank of England&#39s move to cut rates to 3.75 per cent before deciding on their next move. Both lenders say they will make decisions about their rates in due course, but The One Account, owned by Royal […]

Treasury shows willingness to listen on 1 per cent says ABI

The ABI has welcomed the Treasury&#39s willingness to consult on the 1 per cent cap revealed in its proposals for Sandler products.It has also welcomed the decision to treat the existing stakeholder pension as part of the Sandler package rather than create two types of simple pension product. The ABI says the Treasury proposals open […]

Simple saving

The Pensions Green Paper might have been disappointing but the same cannot be said of the proposals for tax simplification, launched in a simultaneous consultation paper. Consider the joint objectives: •Providing choice for everyone by simplifying the structure and removing the mystique born of years of legislative “tinkering”. •Increase protection for members of occupational schemes, […]

Saga offers guide to annuities

Saga is publishing an annuity guide to help those approaching retirement through the maze of options. It says as annuity rates fell by 12 per cent last year- the second-biggest decline in eight year – the choices that people make are especially critical. The guide covers a variety of topics, including descriptions of the different […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm