Starting them young – pensions for tots

Pensions and children don’t often share an article. The children don’t tend to like them because pensions are boring, and besides, Peppa Pig is about to start, right? Whilst pensions aren’t the first thing that comes to mind when you start a family, new research shows that a head start can make your little darling over £250,000 better off by the time they are 67. How much?! A study by Retirement Advantage shows that a £100 per month saved on behalf of your child from birth to the age of 18 would grow into ...

Financially savvy under 18’s saving monthly income

Under 18's are illustrating their money management skills and savings habits at an early age by saving a substantial part of their monthly income, according to the M&S Under 18's Work and Money Survey 2010. The research found that children aged 8 to 13, described as 'tweens', saved half of their income in either a piggy bank or savings account - teens, aged 14 to 18, saved 30%. It also highlighted that a child between the ages of 8 to 9 has an average monthly income of £9.70, which multiplies to an average income of £219 by the time they reach 18. Almost 40% of tweens participating in the poll said they earn their pocket money by doing household chores, 10% more than the number of teens, which reflects the older age group's tendency to look for other ways of making money aside from duties based within the home.