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.