Scottish children 'biggest savers'

Last Modified: 11 Oct 2008
Source: PA News

Children in the Scottish capital are the biggest savers in Scotland, a report revealed.

Under-16s in Edinburgh have an average balance of £1,153 in their savings account, well above the Scottish average of £853, according to the Bank of Scotland study.

However children's savings in Scotland are the lowest in the UK, where the average balance is £1,049.

Children in Midlothian have the least savings, with an average £700 in their accounts, while Glasgow and Dundee are also in the bottom 10.

Youngsters in Stirling, Aberdeenshire, Aberdeen and East Renfrewshire are in the top five, with savings balances of more than £1,000.

Martin Ellis, chief economist at Bank of Scotland, urged children and parents to start putting money aside.

He said: "There are wide variations in savings held by children across Scotland with the under 16s having the highest balances in Edinburgh, but children in Stirling, Aberdeenshire and Aberdeen City are not far behind.

"In the UK as a whole, children, on average, save the least in Scotland.

"Saving at an early age helps play an important part in planning for your child's future and encouraging the savings habit."

Boys have slightly higher savings than girls, with an average £863 put aside, compared to £838.

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