Children would rather save in a piggy bank

Research conducted by HSBC bank and Personal Finance Education Group (Pfeg) has discovered that 42% of children saved in a piggy bank or money box rather than trusting their parents to keep their money safe.

The poll was carried out by Educational consultancy EdComs and questioned 1,369 children aged between 7 and 11. The research also established that just 18% of the children questioned would trust their parents to save on their behalf, with some children feeling that their parents would spend their money by mistake.

A remarkable 75% questioned said they were saving money rather than wasting it on items such as sweets while 10% said they were saving for the future for a house, a car or university fees.

A spokesperson for Pfeg, said these children at a young age are already aware of the impact of money in their lives. Understanding and managing money at this early age will make them financially responsible as adults.

In addition, the survey is part of a new primary school education scheme formed by HSBC Bank and Pfeg entitled ‘What Money Means’. This project aims to educate children in every primary school in the country about handling their finances.

The project will provide 17,500 primary schools with resources, materials and support in the classroom over the next 5 years to assist teachers in helping children to understand how to use money sensibly.

HSBC has promised to contribute £3.4 million to the initiative and expects employees to support the scheme by volunteering to work with teachers and parents.

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