Childhood savers learn good habits

A person's saving habits as an adult are greatly improved if they begin squirreling money away during childhood, new research suggests.

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A survey for Nationwide Building Society showed that more than half (56%) of consumers questioned saved as a child, and of those, 71% now save regularly. 

This is more than one-and-a-half times the number of the saving consumers who did not save as a child.

The study also found that nine out of ten (92%) former child savers think their savings habits helped them to appreciate the value of money.

Starting early also has a knock-on effect, with 84% of former child savers having encouraged, or intending to encourage, their children to save.

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."

Copyright © PA Business 2008

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