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Savings habits run in the family

Despite the complexity and choice available from today&#39s personal finance providers, 70% of adults rely on their partners or parents for savings advice.

Abbey National research reveals that learning to save early in life influences whether or not you save as an adult, for the sake of it or towards specific projects like a mortgage deposit.

Nearly half of regular savers learnt the habit early in life. But it is never too late to learn – 29% of savers only started to save as an adult.

Barry Naisbitt, chief economist for Abbey National, says: “The role of parental influence in learning to save at an early age cannot be underestimated.

“Savers are made not born and our research clearly shows that attitudes to saving are often shaped early in life. Parents, in particular, have a great deal of influence so good, and bad, savings habits run in families.

“However, all is not lost if you weren&#39t taught how to save in childhood. Over a quarter of adult savers say they learnt to save as an adult, primarily from their partner.”

The impact of parental influence also extends to the way in which their children save. Early savers are more likely to save for the sake of saving as opposed to ring-fencing their savings for a specific purpose. They are also much less likely to use credit, preferring to use their savings for any large expenditure.

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