Savings: 84% of children save their pocket money!

moneyA new survey has shone a light on children’s pocket money and thrown up some surprising results. The research, conducted by Family Investments, looked into the pocket money habits of both parents and their children, and found: 80% of parents believe children who learn how to save will manage their finances better in later life However, only a third of children get pocket money on a regular basis Those children who do receive pocket money get an average of £2.50 to £4.00 per week aged ...

Savings: Millions overpay tax on their savings accounts

New research from the pressure group, Save Our Savers, has revealed that up to three million people are over paying tax on their savings accounts. A Freedom of Information request by Save Our Savers to HMRC, has shown that during the 2009/10 tax year 3.5 million people were eligible to have paid tax on their savings at a rate of 10% rather than 20%, however, only 500,000 applied for the tax refund they were due via the self assessment system. The scale of the problem is hard to quantify, however a parliamentary report in 2010 estimated that 2.4 million pensioners overpaid ...

Junior ISAs launched today, but beware if your children have a Child Trust Fund

The long awaited Junior ISA (Individual Savings Account) is launched today. The Junior ISA will replace the Child Trust Fund, which was introduced by the last government, and was aimed at producing a lump sum of money for children as they turned 18. Flop In many ways the Child Trust Fund was a flop with only one in five accounts being added to by parents or grandparents, leaving most accounts with just the government contributions. Child Trust Funds received a government contribution of £250 when a baby was born plus an additional payment when the child reached the age of seven. Unlike the Child Trust ...