The financial whiz-kids of the future?

Updated: 
map of UK showing savings by regionThe Halifax says Children in London have the highest average savings balances in the UK, with savings of more than £2,000 in some London Boroughs.

It is clear a modern day Fagin's gang of street urchins are picking a parent's pocket or two. So next time the apple of your eye asks: "Please, Sir, can I have some more?" firmly answer no.

And it's the boys who are hoarding the cash too. Nationally, boys have an average savings balance of £1,089. This is £52 (or 5%) higher than girls who have an average balance of £1,037. Boys have higher savings balances, on average, than girls in three-quarters of local authority districts.

Westminster scandal

The largest cash difference between boys and girls is in Westminster where boys have an average savings balance of £2,027 compared to girls who have £1,661; a difference of £366 (22%). To earn that much, presumably they are moonlighting as parking wardens or claiming MP-level expenses.

This could all be good news. Perhaps it is not over-generosity by parents, uncles and aunties, and grandparents. Perhaps it is kids having better financial management than the debt-laden generation that gave birth to them.

That's my boy

My teenage son has proven to be a sound manager of his own finances. After putting up with "you never spend anything on me" moaning, last January I made him write down everything we spent on him by month.

This included all his cricket kit, club and match fees in the summer months and his school-trip ski-wear in the winter. He had to cost the umpteen pairs of brand-name trainers he gets through, the extortionately expensive football shirts and even his school uniform.

It came to a pretty penny, I can tell you - rather staggered me when we added it all up. We then divide the total by 12 and I opened him a Nat West account that comes with a solo card (so he cannot go overdrawn) and I have paid him a monthly sum ever since.

School uniform

At the end of the summer, when he went to buy his school uniform, he did not quite have enough money left in the bank and had to raid his building society account set up with £1,000 when his great grandfather died.

But after the summer's cricket expenditure - new bat, pads, gloves and match fees - September was when we expected reserves to be low.

He prioritises the things he wants to spend money on and is frugal to the extreme in everything else - visiting TK Maxx regularly until clothes he wants come in at the right price.

Education, education, education

Teaching kids to manage their finances is high on the political and financial services agenda. Instead of begrudging kids their savings, perhaps we should cheer them?


Local Authority, Region - Average Balance

Harrow, Greater London - £2,122
Barnet, Greater London - £2,016
South Buckinghamshire, South East - £2,001
St Albans, East of England - £1,940
Richmond upon Thames, Greater London - £1,882
Westminster, Greater London - £1,840
Cambridge, East of England - £1,828
Windsor and Maidenhead, South East - £1,820
Brent, Greater London - £1,800
Kensington and Chelsea - Greater London £1,752
Chiltern, South East - £1,730
Redbridge, Greater London - £1,709
Oadby and Wigston, East Midlands - £1,698
Tandridge, South East - £1,669
Ealing, Greater London - £1,659
Elmbridge, South East - £1,638
Epping Forest, East of England - £1,635
Three Rivers, East of England - £1,632
Wandsworth, Greater London - £1,591
Epsom and Ewell, South East - £1,578

Region Girls/Boys

North £991/£1,075
North West £925/£1,000
Yorkshire and Humberside £950/£1,010
West Midlands £1,071/£1,156
East Midlands £1,039/£1,098
East Anglia £992/£1,042
Greater London £1,354/£1,408
South East £1,142/£1,182
South West £964/£997
Wales £1,010/£1,094
Scotland £851/£877
Northern Ireland £1,172/£1,190
UK £1,037/£1,089

Links (open new windows)

Halifax
Nat West
TK Maxx

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