New research has found that nearly eight in 10 parents with younger children are hoping to develop better money habits in the coming months.
A survey by the Royal Mint in March, of more than 1,000 parents of children aged 10 and under, discovered that 78 per cent of parents want to make savvier money decisions over the coming year to benefit their child's future.
Nearly three-quarters (76%) of parents said the economic troubles of the past 12 months had made them realise the importance of saving for the future and two-thirds (62%) were looking for new ways to invest to support their children.
However, nearly a quarter (23%) of parents had not set up a savings account for their children.
Some said they simply had not got round to it, while others needed to prioritise day-to-day expenses, or did not know how to go about investing.
Some parents were also worried about being scammed.
Karina Hicks, head of precious metals marketing at the Royal Mint, said: "Our Savings Report for 2021 shows UK parents are vowing to make savvier financial choices in the future."
The Royal Mint has an online account called Little Treasures which enables adults to invest in gold for children, but just remember that the value of gold can go down as well as up and there are plenty of savings options on the market to choose from.
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