Under 16s 'getting into the savings groove'

One in ten under-16s has a part-time job to earn extra money, according to a new study.

Research conducted by the Halifax indicates that the average weekly wage for children in employment is £17.93 – which equates to around £1,000 per year.

In addition, 38 per cent of young people receive additional pocket money from sources other than their parents.

Flavia Palacios Umana, head of savings products at Halifax, said children are choosing to boost their income levels by taking on a part-time job, while some are also benefiting from additional contributions to pocket money from family members.

"It is very reassuring to see that many children are getting into the savings habit at an early age by working to save up for something special. Cultivating these savings habits will stand them in good stead in later life."

Last week, Barclays reported that less than half of all consumers saw their savings habits affected by the recession.

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2010-02-15 12:56:06 © Moneyextra.com