East Midlands children 'save most'
Updated on 29 December 2008
Children in the East Midlands are the UK's best savers having set aside the equivalent of four-and-a-half years' worth of pocket money, new figures show.
The average child in the region has savings of £1,038, despite receiving only around £231.92 a year in pocket money, according to Halifax.
Children in the South East and South West also emerged as good savers, with children in both regions sitting on savings worth the equivalent of nearly four years' worth of pocket money.
But at the other end of the spectrum, children in Scotland are the worst at setting money aside, having an average of only £853 in the bank, despite receiving the second highest level of pocket money of £426.40 a year.
Overall, the average child aged between eight and 15 has £1,049 saved, just over three times the £318.76 pocket money they receive each year.
Children in Greater London have the highest savings balances at an average of £1,379, followed by those in the West Midlands at £1,119.
Those in London also receive the most pocket money each year at around £440.44, followed by children in Scotland and ones in the North at £382.72.
But despite receiving the third highest sum of pocket money each year, children in the North have only the sixth highest savings balance of £1,026 on average, the equivalent of 2.68 years' worth of pocket money.
Ken Stannard, head of savings at Halifax, said: "It is heartening to see that children are saving. It is important to encourage a good savings habit at an early age and explain the need of financial planning for the future."
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