Recession teaching kids to save

Young children have been hard hit by the recession but have learned the importance of saving, new research from YouGov commissioned by HSBC and the Personal Finance Education Group. The report found 43 per cent of those children interviewed had heard adults say they cannot buy something because of the recession more than once a week – well above the national average of 34 per cent. The study found the recession had a strong impact on London families with more than a quarter of children in the capital curbing their own spending and 63 per cent of parents saying they have cut back on luxury spending because of the recession. The lessons of the recession have been learned by the young, however, with 93 per cent of children saying they would save to buy something they wanted rather than get into debt.