'We won't rely on the bank of Mum and Dad'

Meet the money-savvy junior school children who are already saving up and investing for a more secure financial future

- KATE SKELTON

It’s not just parents who are worrying about the cost of living crisis – now children are, too. With more than half of UK parents unable to contribute to their kids’ financial future, and many families slipping into debt, children as young as eight are now taking matters into their own hands by starting to save up for house deposits and university fees.

Research published in the GoHenry Youth Economy Report last month found UK kids are saving more than ever. The survey of nearly 750,000 children found that 42% are more likely to start saving early to fund big life events, and around one in five (19%) of 16 to 18-year-olds do not expect their parents to provide any financial help.

Here, we meet three switched-on, cash-canny kids, who are saving up for a brighter future…

‘I’m saving to care for my disabled brother’ 

Theo Grice, nine, lives in Doncaster with his mum Bibi, 29, a nursing student, dad Ben, 33, a full-time carer, and siblings Benny, 10, Belle, six, and Nate, two. He has already put away £75 this year, and has saved £320 in total. 

“Watching Homes Under The Hammer in the school holidays has made me want to buy a council house, as it’s a little cheaper and I could rent it out for good money,” says Theo. “I get £2 pocket money a week, plus 50p for tasks like tidying my room, doing my reading and brushing my teeth.