MORE than 50% of people have already spent their childhood savings before starting college, a survey by Skibbereen Credit Union has discovered.
The survey of 500 people shows that although 97% of people think that although teaching children to save is important, we fall short on keeping that money for further education.
The survey also revealed that just 48% of people started saving during their primary school years, with 16% waiting until they were over the age of 25 to begin putting money away for a rainy day.
Of the 500 surveyed, 59% said they wished they had started saving earlier and taken it more seriously.
Special edition Skibbereen and Bandon Credit Union money boxes have been launched to encourage children to begin saving – putting them in a strong position to manage their finances later in life.
‘It makes sense that the younger we are taught to view savings as a long term pursuit, the better able we are to manage our accounts as adults,’ said Skibbereen CEO Donal O’Driscoll.