23 Raring2go! As adults we know the value of building a savings pot, though it’s not always so easy to achieve. Savings can help cover the cost of a family holiday or Christmas – or just an unexpected bill – and our research shows 54% of us already have a regular savings habit that works for us. So how do we instil that behaviour into the younger members of our family? UK Savings Week, which is 18-24 September, is on a mission to make savings simple, easy and rewarding, for adults and children. We are encouraging adults to start, and stick to, a regular savings habit, and the same approach can be used to encourage children to see the value of building a pot of savings. A number of UK Savings Week partners are running activities for children to help them understanding the difference between what they need and what they just want, and the benefits of saving more generally. #takethesavingschallenge The UK Savings Week challenge invites the nation to review what and how they save by taking three simple steps.The same steps are as applicable to youngsters as they are adults: 1. Set a goal Identify what would they love to save up for and how much it costs.Then look at the money they are likely to get each week or month and how much they could put away towards their goal. They could write it down or draw a picture, so they remember what they’ve committed to. 2. Make it a habit Once they’ve determined how much they can save, make saving a habit for them. For example, each time they get their pocket money let them put the agreed amount into their savings account, don’t do it for them. Encourage them to check on how their savings pot is growing. Has any interest been added to their savings? How close are they to reaching their goal? 3. Reward yourself As we have said, saving can be boring, especially if you’re young and have little concept of time! Rewards along the way can be a great way of keeping them motivated and helping them to maintain their savings habit. Rewards don’t need to cost any money, and don’t need to be complicated or big gestures – it could be extra gaming time when they reach 25% of their savings goal; or a friend to sleepover when they’re at 50%. You’ll know what motivates your child and can set the appropriate rewards. Hopefully, by getting your young ones to #takethesavingschallenge you’ll start to change their behaviour. Helping them to see the value of having some money set aside and to foster a regular savings habit whilst they’re young, are life skills that will support them throughout their lives. Getting involved Almost 100 building societies, credit unions, banks and charities are supporting UK Savings Week. Many of them are holding events in their branches and with local community groups to encourage people – big and small – to get involved in a great savings habit. Look out for activities on your high street. Find out more about UK Savings Week and the savings challenge. UK Savings Week encouraging a savings habit We all know that saving money is a great idea. But let’s be honest, the suggestion of stashing away your pocket money or birthday money isn’t that exciting when you’re young.
RkJQdWJsaXNoZXIy NDA0NjA=