Paying pocket money makes a difference

The survey explores the link between behaviour with money as children and “good “ money management as adults. The survey suggests that "Being good at handling money", means saving money regularly and paying the mortgage/or having paid off the mortgage and not having debt.

The survey suggests that putting money into the bank as a child makes us more likely to save as adults and more likely to be good at handling money. Over half of those who saved as children, 59%, say they save as adults, whereas less than half, 47% of those who did not save as children, do so now.

Significantly more than half, 64%, of adults who regularly saved as children, versus 52% of those who did not do so, rate themselves as “good” money managers.

AMP marketing manager Henry Popplewell, said starting the savings habit young is very important.