A Shift In Our Finances

By Author: Bonny Kominek
Total Articles: 32
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There seems to be a major shift in our approach to money brewing on the horizon. The baby-boomers and kids of the 80s are spenders, not savers. We are the generations of buy now, pay later largely because money has been too easy to come by. This over reliance on credit has resulted in more than one recession.

However, Santander has recently carried out research that shows 18% or 75,000 10 to 15 year olds in the UK are learning the value of money the hard way. These teenagers are earning an average of ?46 a year through odd jobs and chores instead of through hand-outs, pocket money and birthdays.

These enterprising teenagers are earning on average ?46 a month from dog walking, gardening, paper rounds, babysitting and general ''chores'' around the family home.

They are then putting this hard-earned cash into a bank account where they can begin to accrue interest. Piggy banks are now a thing of the past. They are learning the value of money, how to save and when they can spend. They are also seeing their money earn interest, and by the time they ''come of age'' and enter the world of full-time employment, they ...
... will be savvy saver and spenders.

Junior Apprentice and other TV shows are proving that kids and teenagers should not be treated as fools. Instead they should be encouraged to place their earnings in a hard-working current account and watch as their ?46 a month mounts up to well over ?550 after interest is added.

Maybe parents should learn a thing or two from their children. According to recent research, 70% of Britons haven''t switched their bank account in 10 years, missing out on better deals elsewhere purely because of customer loyalty. Three quarters also say they aren''t planning to review their bank accounts any time soon either.

This isn''t the best encouragement for children. It is important to make your money work for you whilst in the bank; otherwise you could just keep it lock up in a safe at home.

It doesn''t take long to find decent paying bank accounts. Although sadly not available to under-21s, some current accounts are offering 5% interest. This has to convince the 75% too stubborn to switch surely? #Pen name# is a financial expert with over 15 years of experience in the finance industry. They recommend Alliance and Leicester for bank accounts.