Thrifty? You can put the house on Kyle

IT’S SAFE: Fiona Rutherford watches son Kyle, 8, put some birthday money into his piggy bank.
IT’S SAFE: Fiona Rutherford watches son Kyle, 8, put some birthday money into his piggy bank. Jacklyn Wagner

WHEN it comes to saving cash, Lismore's Kyle Rutherford is right on the money, according to a recent report by Bankwest.

The eight-year-old excels at saving his pocket-money, spending only a quarter of it on treats for himself, like biscuits and lollies.

“I'd like to buy a house with my money,” the financially focused lad said.

And to date he has about $70 cached in a blue plastic piggy bank.

According to his mum Fiona, Kyle saves what he doesn't spend at the school canteen, as well as birthday gifts which he received on his special day earlier this week.

A recent survey by Bankwest found 54 per cent of children save some of their pocket-money.

Thiry per cent of it was initiated by the parents and 24 per cent by the kids themselves.

And while 51 per cent of those child savers have a goal, most choose toys (59 per cent), entertainment (22 per cent), clothes and accessories (21 per cent) or DVDs and CDs (18 per cent).

But few children have such a lofty goal as Kyle.

In fact, 46 per cent of kids surveyed by Bankwest didn't save their money at all.

There was another surprise finding during the fact-finding survey: Many parents, 28 per cent of the 1092 surveyed, actually pinched the odd coin from their children's piggy bank.

Thankfully, most paid it back.

Those parents who pillaged their progeny's piggy banks tended to spend the stolen money on household bills, groceries and tuck shop money.

Some went so far as to pay off a credit card, buy an air-conditioner, and one even funded a night out.

Of course, there's no point placing all your savings in a porcelain piggy bank unless you own a hammer.

And as long as Kyle keeps his coin in the piggy bank, he won't benefit from the Reserve Bank's interest rate rise. But then many of his elders would have once stashed their cash under the bed.

Bankwest's survey found 68 per cent of children saved money in a bank account.

And 38 per cent of parents felt their children were more aware of saving money than they were at that age.

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