View more on these topics

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.


Barclays sounds alarm over consumer debt

Barclays has urged consumers to be cautious after levels of unsecured borrowing rose by £1,9bn in December, up £0.5bn on November&#39s figures. Although this is lower than the peak in August when £2bn was borrowed, the gap is still widening between the growth of unsecured credit balances and the growth of disposable income. Barclays says […]

CA calls for national financial advice network

The Consumers&#39 Association has welcomed new proposals on consumer credit by the Department of Trade and Industry, but warns that consumers in the red will face further misery if the government does not prioritise debt advice. Mick McAteer, senior policy adviser, says: “With personal debt at record levels we are pleased to see proposals to […]

Taking the strain

The number of people re-fused credit by mainstream lenders continued to fall in 2002, with the non-standard lending market shrinking by 100,000 to 7.8 million. Yet the value of business in that market grew rapidly from £11bn in 2001 to more than £15bn just 12 months later, a rise of 36%. The non-standard population has […]

BMS offers advice on healthy homes

Homeowners should take advantage of this week&#39s cold weather to give their home a winter MOT, says BM Solutions. Matthew Grayson, a spokesman for BM Solutions, says: “Every homeowner has a list of odd jobs which need doing around the house and the recent cold weather is likely to have added yet more to the […]

Passport - thumbnail

Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.


News and expert analysis straight to your inbox

Sign up