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The importance of learning how to save from a young age has been emphasised by a prominent UK pensions and investment service.
Scottish Widows has claimed that teaching children the art of saving a little every month from an early age could have a positive financial effect on the parents as they grow up as it would reduce the number of loans and handouts they would have to give to their offspring.
Anne Young, a savings expert at Scottish Widows, said that Individual Savings Accounts (ISAs) and child trust funds are a good way to start the process and hopefully limit the child’s need for services like credit cards or loans in the future.
"Children can't do Isas but once they're 16 they can start doing cash Isas. Adult children can do an Isa. If you're going to save, don't pay tax - it's a no-brainer," she said. “Use your Isa allowance. You don't have to put the full amount in, again, you can do it by direct debit, do it monthly."
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