Parents urged to educate children on savings

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Parents have been urged by the UK's largest friendly society to encourage children to save their pocket money.

Liverpool Victoria's media relations manager, Lucy Pope, said that if adults promote the importance of savings to their children, youngsters may become "more savvy" on the issue in the future.

She added that the amount of cash given to children, which is thought to be an average of £5,469, would become "quite a nice sum of money" for a youngster in the future.

"It's really good for the child to actually see how things are growing, and obviously with the onset of technology children can be more savvy with online savings and that type of thing," she explained.

Ms Pope's comments on promoting savings to children have come after a recent study by Standard Life revealed that attitudes to credit and borrowing have changed in the past few years.

The research claimed that credit is now viewed by many young people as a way of financing a lifestyle rather than reflecting need.

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