The Great Piggy Bank Heist
What’s more, you also told us that children in the UK have amassed some impressive savings, with the average child having an average of £982.50 stashed away in a savings account – a positive sign for the future, showing that a significant number of children are choosing to save rather than spend.
In the absence of regular financial education at schools, this could be down to your discussions at home, with nine in 10 of the parents polled stating that they had talked about financial management with their children.
For some of you though, this expenditure is causing a drain on the household budget and is causing some parents to dip into their children’s piggybanks as a result.
Reflecting the strain rising costs are having on the household budget more broadly, almost a fifth of those parents had borrowed money to cover the cost of groceries, whilst a sixth had done so in order to cover childcare.