Children's Attitudes towards Saving - UK - July 2019
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- July 2019
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There are a number of types of children’s savings accounts, including easy-access accounts, regular savings accounts and fixed-term accounts or bonds. They tend to operate in the same way as savings accounts for adults, and are predominantly offered by banks and building societies. Some children’s savings accounts allow the child, if aged seven or above, to operate the account themselves, including the ability to deposit and withdraw money. Digital and online-only providers have entered the market by offering parents solutions aimed at managing pocket money that can also act as budgeting and saving tools, enabled by strict spending limits and restrictions while also facilitating financial education.
“Most children feel they have an element of the control in the way that they manage their money and spending, while parents do try to educate them in financial matters. Tools and services which help children better manage their finances are also becoming increasingly popular. Extra encouragement is required to help families discuss their finances, particularly among parents who are less confident when it comes to managing their own financial situation.”
– Douglas Kitchen, Financial Services Analyst
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