July 28 2014 Latest news:

It can be the simple steps which help to start the process of financial education.

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While debate rages about the need for money matters to be included in the school curriculum and parliamentary efforts are made to make that desire a reality, it is often left to parents to take practical steps.

Whether it is showing children how to save by putting their pennies into something as simple as a piggy bank, talking them through the monthly household outgoings or opening their first bank account while they are in attendance, doing something is better than doing nothing.

And teaching the link between work, income and expenditure can be achieved with the simplest of agreements about household chores.

According to new research by the Clydesdale and Yorkshire Banks, more than half of parents teach their children to save with a good old-fashioned piggy bank, while a third opt to open a bank account to help start the savings habit from an early age.

Half also encourage their children to earn money by doing jobs around the home.

The survey of parents and five to 12 year olds also came up with some more obscure findings.

Apparently more than half of parents admit to raiding the piggy bank of their primary school aged children, although only 3pc admitted to not paying back money they borrowed.

A more mainstream measure showed that 78pc are putting money aside for their childrens’ future.

Steve Reid, retail director for Clydesdale Bank, said: “It is encouraging that so many parents are not only saving for their children’s future, but also teaching kids about the importance of saving and working for their money from a young age.

“A third of parents opening a bank account for their children while still at primary school is a fantastic way to improve financial education and instil the importance of saving in children from an early age.

“It is never too early to start saving for the future.”

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