A poll of customers by Yorkshire Building Society found that parents are heavily encouraging children to save money from a young age.
Accounts in the name of savers aged 17 or younger made up 32 per cent of all new customers opening the Yorkshire’s Regular Saver last year.
It also found that 29 per cent of these were registered for under-12s.
Mike Helliwell, Yorkshire Building Society product manager, said: “Regular Saver’s popularity among youngsters might be explained by their parents or grandparents opening the accounts on their behalf, which shows they realise the importance of getting children into sound financial habits early in life.”
Key Facts
Accounts in the name of savers aged 17 or younger made up almost 32 per cent of all new customers opening the Yorkshire’s Regular Saver last year.
29 per cent were registered for under-12s.
Regular Saver is most popular among young savers, particularly with the under-12s
