Children it seems are not being hit by the economic woes of today with the majority believing they will own their dream home, complete with cinema, stables and secret passageways, by the time they are 35 years old.
New research by Clydesdale and Yorkshire Banks confirms that kids are setting their sights on dream homes that will cost a good deal of money and contain some fantastic features.
Almost 20% of those surveyed are planning to have their dream home by the time they are 25 and over 30% believe to buy their home will cost between £500,000 and £1 million.
The list of features in these homes too won’t come cheap. With boys looking to have secret passageways, a cinema, bowling alley and a football pitch and girls preferring stables, a cottage and a farm, £500,000 will soon be spent.
Steve Reid, Retail Director for Clydesdale Bank, said: “As any parent knows, children can be very ambitious and it’s always refreshing to hear about their hopes and dreams, however optimistic they may be.
And added: “To achieve their dream home by the age of 35, kids will definitely need to start saving early, particularly in light of what they believe their first wage will be.
“The Banks’ research has revealed that 71% of children believe they will earn up to £100 a week in their first job after school. However, 22% of those think they will only earn up to £10 a week which could take them well over 100 years to even save the deposit for a dream home costing £500,000.”
MoneyHighStreet comments: “How fantastic to have such dreams ahead, or perhaps they are not so much dreams as challenges for kids of today? Challenges though that with determination many will succeed at.
“Setting up a savings account for children is great to do. Of course it will take time to save for a house deposit but instilling in the children from an early age a need to manage their personal finance matters is a very positive step.
“A phrase that comes to mind is ‘Spend a little, save a little’, how apt. Perhaps for example some pocket money can be saved and some spent at the shops?
“There are numerous savings accounts available, whether your require the flexibility of instant access or can opt for a longer term commitment to earn a better rate of interest.
“Be careful though to monitor the returns you get on any savings accounts as many have a bonus payment in the first year that is lost thereafter and therefore significantly reduces the amount of interest you earn.”
For more information on the wide range of children’s savings accounts offered by Clydesdale and Yorkshire Banks, you can contact 0845 602 5450 for Clydesdale Bank or 0845 602 6198 for Yorkshire Bank (opening hours 8am – 8pm Mon-Fri) or visit www.cbonline.co.uk/