06/08/03

With the school summer holidays well underway many parents will be wondering how to keep the kids entertained for the duration and how they are going to pay to for it.  Will they turn to their savings or stretch their monthly wage that little bit further?

Lloyds TSB’s ‘Savings in Britain’ research has found that 44 per cent of households with children have no savings safety net to fall back on, with 1 in 10 admitting they over spend each month, even without having to find the extra cash to keep the kids happy over the hols.

Over half (56 per cent) of households with kids stated the main reason they didn’t have any savings was they couldn’t afford to save, with a third stating family and child responsibilities as the main reason they didn’t save.

Amongst those in households who do manage to save regularly, 14 per cent sited their upbringing and what their parents taught them as the main reason that saving was easy for them. With their parents leading by example, they had grown up understanding the benefits of saving and having the discipline to save regularly.

Stuart Davidson, Marketing Manager, Lloyds TSB Savings, said: “By setting a good example parents can have an influence on the saving habits of their children.  By encouraging them to save from a young age, children can carry their good saving habits with them into adulthood.

With our Young Savers account children can get into the habit of saving for themselves and put money away for their future or simply to save for the latest toy or gadget they want to buy.”

Provided by the Lloyds TSB