Good financial habits are long lasting

Fri, 29 Aug 2008

Young savers are being urged to get into the habit of saving in order to avoid future debt .

Moneyfacts.co.uk claims children and teenagers can "avoid the financial mistakes this generation has made" if they are taught how to save money and budget.

The website states these are financial skills which "could last a lifetime".

An Individual Savings Account (ISA) is a "good first option" for young savers, according to the source.

High street banks and building societies offer the accounts, which are available to those over 16 and are tax-free, with many requiring only a £1 minimum deposit.

The source also states many teenagers will stick with the same bank throughout their life, if they are given an attractive opening offer.

Meanwhile, a report released earlier this week claimed billions of pounds of savings are losing value.

The study, by Moneyfacts.co.uk, found nearly 35 per cent of ISAs are not keeping up with the rate of inflation .
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