You are here: Home - Saving & Banking - News -

Savings habits start young

Written by:

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.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Newlyweds forced to face financial reality

AA Personal Loans has highlighted many newlyweds’ failure to face financial facts when it comes to setting up home together.