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Savings habits start young

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Research from Nationwide Building Society has revealed the impact saving as a child has on adults’ saving behaviour.

Just over half of consumers questioned saved as a child and, of those that did, 71% save regularly now. This is over one and a half times the number of consumers who didn’t save as a child, saving regularly now.

Also, nine out of 10 former child savers think their savings habits helped them to appreciate the value of money whereas seven out of 10 non-child savers admit to not appreciating the value of money now. The research also shows just over half of consumers who saved as a child did so primarily to afford the things they wanted to buy, with a further 27% citing their parents as the reason why they saved.

Matthew Carter, director for savings at Nationwide, said: “Starting the savings habit young is important and clearly influences consumers’ propensity to save in later life. Habits die hard, and this research shows that those who learnt the value of money and how to save effectively at a young age, are more likely to continue to do so in adulthood.

“It’s heartening that so many people will encourage their children to save, even if they didn’t save as a child because, with the current economic situation getting tougher, it’s never been more important to put money aside for that rainy day.”

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