Saving habits - Deserving credit

TODAY’S Credit Union survey on the saving habits of teenagers makes fascinating reading. Contradicting the popular image for squandering money on sweets and soft drinks, intriguingly 75% of teens save approximately a third of their pocket money, with 45% regularly putting some aside for a phone, a computer, or other hi-tech products.

Remarkably, the survey shows that, despite austerity, seven out of 10 teenagers get pocket money, mostly on a weekly basis.

But while 18% of teens received more pocket money than a year ago, 73% of parents don’t believe Ireland is out of recession.

Among the things teenagers save for, 28% put money away for a holiday, 21% for music/film downloads, and 17% for college.

Illustrating how important it is that parents start young people saving at an early age, with mums being much better than dads at talking about money matters, some 82% of teens have a least one savings account, 51% saving with the credit union, 48% with a bank, and 21% with the Post Office. Hopefully, the saving habit will stay with them for life.