Online research int savings by the Nottingham Building Society (known as The Nottingham) involved hundreds of parents and grandparents across the UK. The survey looked at saving habits in relation to children, by parents and grandparents.
The results showed shows that 66% of parents were saving for their children and less than half of grandparents are doing the same.
I am quite impressed with 66%! It is more than I had imagined BUT rather sadly over a third of parents admitted to saving less over the past year then previously. On a more positive note a third of parents said they do plan to save more in the year ahead. Less than one in five grandparents (19%) are planning to do the same.
Economic changes really impact our ability to save at a time when we realise it is more important than ever to do so.
The survey found that parents are more than twice as likely to save regularly than grandparents, and they are also putting aside larger sums.
The online research asked parents and grandparents a number of children’s savings related questions.
“We were surprised to find out how much more parents are doing for the next generations,’ said Jonathan Cartlidge, Senior Product Manager for The Nottingham. “Even though parents are the ones with the higher day-to-day expenditures and many retired people have fared much better since the financial crash, parents are saving much more.
Differences across the UK
Parents and grandparents in London and the South-East save most. Parents in the East Midlands (oops that’s us!) saved the least ……53% saved nothing for their children in the past year compared with the national average of 34%.
Similarities of saving goals
There is a lot of agreement between parents and grandparents on quite what they are saving for thought and it makes an interesting list. University tops the list, then driving lessons, and third comes buying a home. Paying for a wedding comes fifth, with only 7% of grandparents and 9% of parents putting aside money for it.
When I was young and university grants were more readily available I think homes and weddings would have topped the list!
Interesting statistics. I am impressed with the level of savings all round but it still mean a 1/3 of all parents aren’t saving at all for their kids.
Have a look at www.thenottingham.com to find out more about this survey and their fabulous young savers account.