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There seems to be a major shift in our approach to money brewing on the horizon. The baby-boomers and kids of the 80s are spenders, not savers. We are the generations of buy now, pay later largely because money has been too easy to come by. This over reliance on credit has resulted in more than one recession. However, Santander has recently carried out research that shows 18% or 75,000 10 to 15 year olds in the UK are learning the value of money the hard way. These teenagers are earning an average of ?46 a year through odd jobs and chores instead of through hand-outs, pocket money and birthdays. These enterprising teenagers are dog walking, gardening, delivering papers, babysitting and getting stuck in to general ''chores'' around the family home and together they are earning almost half a billion pounds a year. They are then putting this hard-earned cash into a bank account where they can begin to accrue interest. Piggy banks are now a thing of the past. They are learning the value of money, how to save and when they can spend. They are also seeing their money earn interest, and by the time they ''come of age'' and enter the world of full-time employment, they will be savvy saver and spenders. With the latest TV series to hit our screens, Junior Apprentice, highlighting that kids should not be treated as fools, youngsters and teenagers are being encourage to place their earnings in a hard-working current account. Their ?46 a month mounts up to almost ?550 a year so can earn pretty decent interest if in an effective bank account. Current research suggests that 70% of Britons haven''t switched their bank account in 10 years. This means they could be missing out on better deals elsewhere purely because of customer loyalty. Furthermore, three quarters claim they aren''t planning to review their bank accounts any time soon either. Maybe parents could learn a thing or two from their savvy saver children. If they don''t put their money in an effective bank account, they might as well leave it at home in a piggy bank. Some current accounts are currently offering 5% interest. Although this isn''t available to under-21s but parents might be interested in switching even for those stubborn 75% who think can do no better by switching. Maybe they could learn a thing or two from their savvy saver children.
Article Source: http://www.casinoarticlessite.com
Alia Grubman is a financial expert with over 15 years of experience in the finance industry. They recommend Alliance and Leicester for bank accounts.
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