Children among nation's top savers

LONDON, Dec 9 (Reuters) Children are among Britain's savviest savers, building up bumper bank accounts for the latest must-have item or Christmas shopping, a survey shows.

Almost 60 per cent of children save all their pocket money or at least more than they spend throughout the year, according to the Halifax study. That compares to just a third in 1988.

And, with a quarter of children saving more than 5 pounds per week, they could be gearing up for a bountiful festive spending spree.

Mike Regnier, head of savings at Halifax, said: ''Children are capable of saving money and are prepared to save up for Christmas shopping or expensive items that they want.

''It is encouraging that they appear to know the importance of looking after their cash at such an early age.'' Despite having the lowest weekly income of 24.59 pounds, compared to a UK average of 33.59 pounds, children in the West Midlands are the nation's best savers.

Three-quarters save all their money or more than they spend.

Children in Yorkshire and Humberside are the worst, with just 42 per cent saving all or most of their money.

The study also shows that boys and younger children are more inclined to save their cash.

Some 64 per cent of boys save most of their pocket money, compared to just 52 per cent of girls.

Meanwhile, more than two-thirds of seven-to-11-year-olds save the bulk of their money -- against just 49 per cent of 12-to-16-year-olds.

Half of the 1,200 children aged seven to 16 surveyed said they were saving for a particular item.

Around the same proportion save their money in a bank or building society account, followed by 38 percent in a purse or wallet and 35 per cent in a moneybox.

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