Kids’ Christmas shopping

In contrast to older generations, who have accumulated £1.3 trillion of debt, Halifax found good debt management among children thanks to regular saving.

With the average weekly income put at £33.59, three fifths of children save all their pocket money or put away more than they spend, up from a third in 1988.

However, worst for debt management were kids in the west Midlands, who had the lowest weekly income at £25.49 yet are set to spend the most this year.

Despite this, while some are not afraid to use pester power to get what they want, half of kids said that they were saving for an item in particular.

Mike Regnier, head of savings at Halifax, praised juvenile debt management, saying: “It is great to see that children have a positive attitude towards saving and are starting to get into the savings habit at a very young age.

“It is encouraging that they appear to know the importance of looking after their cash at such an early age.”