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Youngsters 'should start saving early'
26 March 2008
Saving money should begin "in the cradle" and continue throughout childhood and then adult life, one expert has said.
Anne Young of Scottish Widows recommends that money is put away each month for children, which they can then use in the future to pay for a home or rid themselves of student debt.
Ms Young said that today, many young people are in so much debt they feel they cannot spare any cash to put away for a rainy day.
However, "you can really build up substantial sums by putting money away on a regular basis – even quite small sums", she claimed.
Her comments follow research by the building society which shows that 42 per cent of adult children paid off debt with money from their parents.
It also found that 29 per cent had borrowed from mum and dad to pay for a deposit on a new home.
Speaking about when young people should start saving, Ms Young said: "I personally think they should be starting their savings in their cradle.
"Parents should really start getting children into the habit of putting a little bit of money away."
