UK kids express willingness to save

Over half of UK kids believe they will save enough money to become a millionaire in the future, it has been reported.

According to a survey of 3,000 six to ten-year-olds carried out by Tesco Savings, 51 per cent have such lofty ambitions, while 46 per cent believe they could manage the family's finances better than their parents.

Meanwhile, most young interviewees correctly deducated that most adults save primarily for holidays, home improvements and new cars, with presents for the kids and other treats coming further down the list.

Jeremy Sutton, head of Tesco Savings, said children are "certainly confident" about their future and in their own understanding of family finances.

He commented: "Good financial habits are important to learn at a young age and, while their future ambitions may seem unrealistic, it is impressive to see how well even very young children understand what their parents are saving for."

Last week, Chelsea Building Society savings product manager Jenny Hudd urged consumers to keep an eye out for the best savings rates as they bid to maximise their income.

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2009-10-15 22:53:18 © Moneyextra.com