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Press Room

Brit Teens at Forefront of New Savings Trend and Yearn to be Educated on Finance
(23 November 2005)

  • Britain's kids save over 107m a year
  • 68% of 11-18 yr olds want financial education at school

A Britain's teenagers are not only streetwise but also moneywise according to NatWest. The new research carried out by the NatWest Face 2 Face With Finance schools programme, reveals that 76% of Britain’s youngsters understand the importance of saving and those children, who save all their pocket money, are amassing over 107m a year in piggy banks and bank accounts. In addition, 68% of Britain’s 11-18 year olds think that they should be learning about how to manage and save money at school.

With the average pocket money at 11.53 per week, there is plenty of cash potentially burning a hole in the pockets of today’s teenager, but encouragingly half of them save some, if not all of their money. 61% of kids surveyed receive either a weekly or monthly allowance and a fifth of 11-18 year olds (22%) have a part time job.

So what are they saving for? Keen to be on the move, older boys of 17-18yrs old (52%) are more concerned with saving for a car than girls of the same age (25%). These girls are much keener to save for holidays (24%). While for thoughtful young women (22%), saving for a family member’s birthday is more of a priority. Interestingly, some teenagers are already saving for the future with 14% saving for a rainy day. Surprisingly though, only 8% of girls, and even fewer boys (4%), are saving for university/college.

It would seem that Britain's youngsters really are taking money matters into their own hands. Encouragingly, over half of 11-18 year olds have their own bank account as a home for their savings, while 38% simply use a traditional piggy bank or keep their money somewhere safe. Only a tiny 2% have parents who put money into an account on their behalf which they cannot access until they are older.

Sarah Canning, Head of NatWest Face 2 Face With Finance, said: "It is really important that we are seeing this positive approach to money amongst teenagers in the UK. Having a good understanding of the value of money and a proactive attitude towards saving can only serve them well in the future. We strongly believe that learning about personal finance at an early age will help the next generation to make the most of their money.

She added: "Proactively promoting greater financial capability amongst school children in a practical manner is something to which NatWest is fully committed. Our Face 2 Face With Finance programme has really fired up the imagination of teachers and students alike."

NatWest Face 2 Face With Finance is an award-winning education programme incorporating practical financial knowledge and experience within the school curriculum. An array of practical and active learning modules help secondary schools and colleges teach personal money management and enterprise skills which enrich learning across the curriculum in key stages 3 and 4. There is also a module for teacher placements at NatWest that gives teachers hands on experience about banking that has relevance to teaching and wider management roles in schools.

The programme, which is free of charge for schools, offers a number of modules, from basic banking to tendering, so tutors can select the module that best fits the part of the curriculum they are teaching. They are flexible, easy to use exercises that provide real-life financial learning experiences that link theory to practice. These are activities that will help prepare students for the opportunities, responsibilities and experiences that they will encounter in their working life.

Over 700,000 students from schools throughout the UK have taken part in the programme. Over 3,100 schools have been actively involved in the programme. Over 5,100 members of NatWest staff have been involved in delivering Face 2 Face With Finance to schools.

Teachers and schools interested in further information on the NatWest Face 2 Face With Finance programme can visit the website at www.natwestf2f.com or alternatively, can call the NatWest Financial Capability Centre at the University of Warwick on 024 7652 4234.

Notes to Editors:



Boys - Top 5 items saving forGirls - Top 5 items saving for
Car (22%)Family birthday (22%)
Holiday (14%)Holiday (18%)
The future (14%)Clothes (17%)
Clothes (12%)Car (13%)
Electrical items (12%)Mobile phone (12%)

  • Survey conducted by Carrick James Market Research with a national sample of 1044 interviewed face to face in September 2005.
  • NatWest Face2Face material is Pfeg accredited - Personal Finance Education Group charity supported by the FSA.