5 Creative ways to get your kids into saving

18 April 2019

When the kids break up for the Easter holidays, it can be difficult keeping them entertained - especially if their minds are firmly set on gorging on chocolate and opening Easter presents. So if you’re looking for ways to keep them occupied, why not have some creative fun whilst also helping to set them up for a lifetime of saving.

Even saving a little makes a big difference, so we’ve put together five of our favourite ways to get the little ones into the habit of keeping hold of their cash.

1. Make snazzy savings pots

Savings pots are a fab way of helping kids learn about money, especially when the latest YouTube star’s new line of must-have accessories is just out of their financial reach.

And if it’s their money they can see growing, they’ll be less likely to waste it on things they might no longer want in a week’s time.

Get crafty and start work on two snazzy saving pots.

One which will help them save money they can access all the time, for sweets maybe? And one that’s locked away and will teach your tribe how to build a fund for something bigger they want.

Depending on how handy you are at DIY, you’ll need to decide if you’re going to make something yourself, or head to the shops and get something that’s ready-to-go. Either way is fine, just make sure you have a way of locking one of the pots, removing the temptation for your child to spend all of their hard-earned savings.

This works for all ages, but is a great choice for younger children. Why not set aside some time each week to keep track of how much money is in each pot - they’ll love counting coins and keeping track of their total.

2. Jobs, jobs and more jobs!

Before your child can learn how to save money, they need to have some of their own to start off with.

Perhaps you already give them pocket money, but by splitting it into payment in exchange for jobs around the house, you’re adding a value to each task – knowing how hard they’ve worked to earn their cash may help stop them spending it as soon as they get it.

It’ll also make them more willing to tidy their room, or even clean the car!

Create a list of jobs with check boxes, along with the amount of cash they’ll get for completing each one (properly!). Once your child has completed a task, let them tick it off and then hand over their pocket money a bit at a time. With any luck, they’ll be arguing over who’s doing the dishes tonight.

Give them the opportunity to earn more with more jobs, and you’ll have a great way of helping them understand why it’s important to put money aside - keeping the house clean and tidy at the same time!

3. Bury your pennies

Spring is the perfect time to get kids into gardening; they get super excited knowing that something they’ve planted will grow to be big and strong, making it a great time to teach them about growing their savings.

If you’re looking for a way to teach the kids that money doesn’t grow on trees and making their savings grow doesn’t happen without effort, then planting a penny capsule is a great, budget friendly option.

To get started, the next time you treat them to an ice cream or a drink, round up the cost to the nearest Pound and pass the difference onto them so they can bury their bounty in the garden (with your help if needs be).

As well as locking away their pennies over the Easter break, they’ll love getting green-fingered and messing around in the dirt each time they have some pennies to bury.

Do this throughout the Easter holiday and explain that their pennies will grow, just like in a savings account. Perhaps they’ll have enough to buy the ice creams before they’re back at school.

Just remember not to leave your money buried underground – the Romans lost a lot of their coins that way!

4. Start a pocket money chart

Like adults, kids need a reason to save, and so a pocket money chart is the perfect way to set some pocket money goals and propel your child’s interest in saving. The best part is, it works for all ages!

Help your child spend half an hour browsing in the catalogue or online, picking out something they’d love to add to their toy box (or even their online gaming account). Then, on a piece of paper help your child sketch out a monthly grid, with a space for each week’s pocket money. Get creative with the final column by asking them to draw the item they’re saving for.

To help create your grid, try flipping over some wrapping paper and hey presto, ready-made gridlines!

Your child will be super-excited about their expanding pocket money fund, and it’s the perfect way to remind them that they’re saving for something special next time you visit the shops - keeping them motivated and with a target in mind.

If you’ve more than one child to entertain, why not see who can save the most over the Easter break?

5. Create a custom piggy-bank

Whether your child is a bookworm, a telly-addict or a fan of the latest tech, they’re sure to be inspired by the idea of crafting their very own custom piggy bank.

There are loads of things around the house you can use to help make a custom piggy bank. Pulling, pinning or sticking together a custom design is the perfect way to save them from a few hours of boredom, and also a great way to help them save some cash.

The best part is, it can all be done for free!

If you’re feeling brave, grab the keys to the shed and help your kids rummage for the perfect cardboard box, plastic container or even an old plant pot they can put their own creative stamp on. All you need is a creative coin-slot and a way of retrieving their hard-earned deposits.

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Flight to safety takes off for savers

02 April 2019
  • More than half of adults are considering increasing their savings this year
  • But savers are split on choosing fixed rates or easy access accounts
  • People’s key financial concern for the year is the rising of living costs

Rising uncertainty is driving a financial flight to safety as savers look for security in the face of worries about living costs, reveals new research from Charter Savings Bank1.

Its study shows that more than half of adults (53%) have either started to or are considering saving more than in previous years. And it’s 18-30-year olds (71%) who are the most likely to be saving more, whilst 38% of over-75s are also looking to save more than before.

Just over a quarter (28%) of British citizens are thinking of cashing in investments such as shares and bonds as they look to reduce risk, with more people turning to fixed-rate savings accounts.

Around 44% say they are considering fixed-rate accounts, whilst 38% are willing to sacrifice higher rates for easy access.

Younger savers aged between 18 and 30 are the most likely to open fixed-rate accounts with 55% looking to lock in rates, although 49% are considering easy access accounts and 56% are considering opening a range of savings accounts to have a balance between the two. However, 43% of all adults are looking to increase their savings in a wider mix of accounts to maximise returns and flexibility.

Charter Savings Bank’s Mix & Match ISA could provide such flexibility for savers, enabling them to split their £20,000 ISA allowance across multiple accounts with competitive rates, so they don’t have to choose one type of account over another – they can have the best of multiple worlds.

They can, for example, open an Easy Access Cash ISA with £5,000 and then deposit £10,000 in a 1 Year Fixed Rate Cash ISA product. If they have more money available, they could open a third Cash ISA product using the remaining £5,000 of their annual allowance.

With living costs and economic and political uncertainty all on the rise, more than one in five adults (22%) have been left feeling pessimistic about their finances for the year ahead, and more than one in ten (11%) of 51-60 year olds say they are considering pushing back their retirement date.

It’s day-to-day costs which are worrying people the most, with nearly three quarters of adults naming rising energy bills (73%) or rising food costs (72%) as a financial concern for the year ahead.

However, rising political uncertainty is the primary financial concern for young people, with over three quarters of 18-30-year olds (77%) worried about what political changes in 2019 might mean for their finances.

People’s biggest financial concerns for 2019

Financial concerns How many are worried about this?

Rising energy bills


Rising food costs


Political uncertainty


Rising inflation


Economic uncertainty


Interest rate rises


Currency markets


House prices


Stock market volatility


Paul Whitlock, Executive Director, Charter Savings Bank says: “Uncertainty seems to be a way of life currently, with political and economic concerns rising in tandem with living costs.

“It’s reassuring to see so many people, particularly young people, taking their savings seriously in such a volatile climate. With even small amounts of money growing over time, saving from an early age is a great way to ensure financial resilience.

“Though savers are increasingly looking for safety, it can be difficult to decide on the right home for your cash and whether to lock in rates or opt for the flexibility of easy access.”

1 Opinium conducted research among 2,004 adults living in the UK on behalf of Charter Savings Bank between 5th – 7th March 2019

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Home truths for adult children and parents

27 February 2019
  • Nearly half of young adults living at home keep quiet about their savings and debts
  • Just over half of parents charge rent, and the average rent is just £161 a month
  • But most parents and adult children are open about their finances

With the number of adult children sharing the family home with parents at an all-time high, new research from Charter Savings Bank1 shows they are not always quite so good about sharing details on their finances.

The nationwide study found nearly 69% of parents are open about their finances with their adult children and a further 21% would be happy to discuss money with their adult children, but are never asked. Adult children mainly reciprocate with 69% saying their parents know how much they earn.

But when it comes to debts and savings the 26%2 of 20 to 34-year-olds who live with parents – around 3.4 million people – are not as forthcoming. Nearly half (45%) have either debts, savings accounts or both, which their parents are unaware of.

Nearly one in five (18%) have both savings accounts and debts their parents do not know about, while some have secret savings accounts (15%) and others have secret debts (12%).

Adult children living at home are on a good deal, the research shows. Nearly half (47%) of parents do not charge rent for living with them, and the average rent charged by those who do is just £161 a month – a significant saving on average private sector rents.

This reduction in rent is highly beneficial to young adults, as three in ten (30%) admit they would not be able to save for a home if they did not live with their parents. It can, however, be difficult agreeing how much to contribute towards living costs between parents and their adult children, and there are vast differences between families.

Some parents ask for contributions towards food (31%), energy bills (23%), phone and broadband (17%), for example, but a third (33%) do not ask for any contributions at all.

This is at odds with what their children believe they are contributing towards, with 85% believing they put money towards food bills, and a high proportion saying they help parents towards TV and entertainment subscriptions (67%), maintenance (66%) and energy bills (62%).

What parents and adult children say

Bill Percentage of parents who ask for contributions from adult children Percentage of adult children who believe they contribute




Energy bills






TV or entertainment subscription



Council tax



Other utilities









Car costs/petrol



The study found that, on the whole, children are honest with their parents about general spending, although sometimes this is only because they are asked directly. Just over a third (35%) openly tell their parents how much they spend on gym or health club memberships, and a further 52% would do if asked.

The aspect of their spending that adult children are least forthcoming about with their parents is transport costs, with a sixth (15%) admitting they wouldn’t tell their parents how much they spend on their car, or taxis and Ubers.

Paul Whitlock, Executive Director, Charter Savings Bank, said: “Keeping debt a secret from close family may be tempting, but a problem shared can be a problem halved, as discussing finances may help alleviate stress.

“While living at home, young people have a fantastic opportunity to work towards clearing debt and start saving towards their goals, whether that be buying a property, travelling or further education.

“Saving as much as possible from an early age is a great habit to get into; even a small amount will soon grow. It also means people are used to setting aside some of their income each month, which is good practice for when they move out of the family home.”

1 Opinium conducted research among 2,011 adults living in the UK on behalf of Charter Savings Bank between 22nd – 25th January 2019

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Savers are keeping it in the family

07 February 2019
  • One in four are borrowing cash from their nearest and dearest
  • The average amount lent adds up to nearly £1,100
  • And only half always pay the money back

As everyone feels the January pinch on finances, new research from Charter Savings Bank1 reveals many will be relying on family and friends to tide them over. Its nationwide study found that one in four (25%) adults have borrowed from their loved ones in the past year.

The handouts from family and friends are not trivial – the average amount borrowed adds up to £1,093 in the past year. And the money is not always repaid – just 54% of those who borrow cash say they always pay it back.

A quarter (25%) of those who rely on others’ generosity try to pay it back most of the time and 10% say they occasionally pay it back, but 4% admit they never pay it back. Women are better than men at paying cash back – 58% say they always repay family handouts, compared with 49% of men.

Partners and spouses are the most likely to be asked for a loan – 22% of those who borrow say they ask their partner or spouse for cash at least once a month. Around 65% of those who borrow from their partner ask them for cash at least a couple of times a year.

Over a third (36%) of those who ask for money from friends and family borrow from their parents at least twice a year – and it is 18-34-year-olds who are most likely to borrow from them, with 11% saying they ask for money at least once a month.

The study found regional differences in the amount of savings borrowed from our nearest and dearest. Those in the South East are the most likely to borrow money – averaging £1,873 borrowed each year, with those in the East of England least likely to – averaging just £445 borrowed each year.

The research found that of all adults who have asked for money from family at some point – 30% have asked parents and 14% have asked partners or spouses, while a further 8% have asked friends.

Paul Whitlock, Executive Director, Charter Savings Bank, said: “The rising cost of living and squeezed family incomes, particularly at this time of year, can mean that many are increasingly leaning on friends and family to come to their financial rescue.

“In many cases our loved ones are happy to help-out financially, but that can come at a cost, particularly if the recipient isn’t able to pay it back.

“There are many different ways to save; even setting aside what may seem like an insignificant amount each month will see your savings pot grow. Starting a regular savings habit at the beginning of the year will set you in good stead to reach your savings goals for 2019 and leave you less reliant on raiding the savings of others.”

1Opinium conducted research among 2,007 adults living in the UK on behalf of Charter Savings Bank between 20th – 22nd November 2018

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Savings raiders end up ahead

17 December 2018
  • One in eight savers raid their accounts every month, with only one in five always replacing the cash they take out
  • But savers still end up ahead for the year with average deposits of £2,906 beating average withdrawals of £924
  • Big ticket items like cars or holidays are primary motivators for driving saving behaviour

New research from Charter Savings Bank1 reveals that one in eight (12%) regular savers usually take money out of their accounts every month – and the number of savings raiders is set to grow as festive spending puts finances under strain.

Despite their best intentions, 12% of savers – the equivalent of six million people across the UK – dip into their savings every month, and over two thirds of adults (72%) say they make a withdrawal from their saving accounts at some point during the year.

Over the course of a year, savers estimate they withdraw about a third (32%) of their cash, although one in five (21%) admit to taking out at least half of their total savings. Just one in eleven (9%) say they never touch their savings.

But while we are almost all savings raiders to some extent, the study found we do at least try to put the money back. Just one in five (18%) of those who take cash out of their savings pot always replace it, while 43% try to do so. Around 15 per cent admit they replace cash rarely at best.

The average amount saved over a year is £2,906 and the average amount withdrawn over this time is £924. Men are able to save more over a year than women (£3,344 compared to £2,476), and just over a fifth (21%) of men will always replace their savings compared to one in six (16%) of women.

Charter Savings Bank’s study found interesting differences in the reasons driving people to withdraw money from their savings, with some only doing so when they need cash for a big-ticket item like a holiday or car (30%), while others say they mainly take money out when they need it for unexpected bills (27%) or in an emergency (25%).

Main reasons people raid their savings

Event Percentage of people who take out savings due to this reason

When I need money for a big-ticket item like a holiday or car


Whenever I have unexpected bills like home or car repairs


Only in an emergency


Usually each month when I run out of money


When I have reached my savings goal


Paul Whitlock, Director of Savings, Charter Savings Bank, said: “There are many different types of savers in the UK and there is no right or wrong way to save. Anyone able to set aside some money each month, whether they are saving up for a specific item or just in case of emergency, is doing well.

“Saving as much as you can afford to is extremely worthwhile. It may seem pointless putting small amounts of money aside but it is extremely satisfying to see your savings grow. Christmas is an expensive time of year but a good time to start thinking about your savings goals for 2019.”

1 Opinium conducted research among 2,007 adults living in the UK on behalf of Charter Savings Bank between 20th – 22nd November 2018

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Your 30s are your savings peak

19 November 2018
  • Thirtysomethings are the most disciplined savers, putting away nearly 60% of their disposable income per month
  • And it’s older generations who are the big spenders, saving just over a third of their income
  • But more than one in 10 have never opened a savings account, rising to one in five in their 20s

Click here to view.

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