Tuesday 29th July, 2008 

According to research from Abbey, the average 11-15 year old has a bank balance of £475. This remarkable piece of research is from a company whose interest lies in either selling more debt or encouraging us to save more.

During this credit crunch it is difficult for anyone to get credit, even banks. So what do we do in times like these - we save. The Abbey is trying to encourage us to save, but we at Debtwatchdog take what they are saying with a pinch of salt.

According to Abbey, 77% of the average child is putting away money for their higher education!!! Now I know many kids, I was one once, and none of them are saving for their higher education. Can you imagine the conversation, "Dad can I get my pocket money, I need it for my college fund". They are perhaps saving for the latest mobile phone or computer game but certainly not for higher education.

Reading between the lines I think that Abbey are wanting to put the message across that PARENTS should be saving money for their child's education. Laughably, a spokesman from Abbey, speaking of their findings, said "In the current economic climate every penny counts, so it's great to see so many children using their own money to buy things for themselves". So the average 11 year old is out working, earning a crust to make things easier for their parents?

Banks should not be putting pressure, indirectly or directly, on children to ease the financial burden of their parents. Children have enough on their plates without saying to them how they should be considering their financial future. Let them concentrate on getting their learning and enjoying life without the added worries of "How are you going to afford a college education?" Banks button it!