Teach children to save, says NatWest
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Helping children out of financial hardships can do more harm than good, NatWest Primeline has found.
According to new research, children who are brought up to rely on their parent's financial safety net are more likely to come into debt and 25 per cent more likely to overdraw on their accounts than those who are financially independent.Survey results also show that children are not always as financially unwise as they make out to be. Around 40 per cent of 18-34 year-olds still living at home choose not to let on about their financial security to their parents because they think it will leave them worse off.
Parents of boys come out worse, with 50 per cent of males living at home more willing to stay at home to hang on to their own money, as compared to only 25 per cent of girls.
"Financial independence can at first seem very daunting but perhaps a little advice is all that's required to summon the confidence to fly the financial nest. Those young people whose parents have never taught them to manage their finances can still find advice to help them stand on their own two feet," said John Wills, head of NatWest Primeline.
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