Savings accounts for children
It’s good to save. Otherwise you’d just spend all your money on chocolates and funfairs - and only be able to buy a car that went forwards.
So says eight-year-old Duncan, a super Robin Hood Young Saver with The Nottingham.
Being a Young Saver has lots of benefits. You get a Robin Hood money box, a wall chart with stickers and a gift for thrift that will last a lifetime.
We asked three of our Young Savers - Duncan, 8, Emma, 10, and Isaac, 8 - what they know about money, whether they would like to be rich and why it’s important to save.
Duncan, 8, Ruddington
I’d been saving for years and years and years, and I didn’t even know. Mum and Dad didn’t tell me in case I was tempted to spend it.
It’s good to save so you don’t spend all your money on chocolates. That’s what I’d do.
Most of my money comes from birthdays. Grandma and Grandpa give it to me. I have £181…no, £191 saved. That’s enough to buy all the toys I want and some chocolates.
The most money I’ve ever spent in one go was £10 at a funfair in Glasgow. It was worth it. They had bumper cars.
If I had more money saved I’d go on holiday and buy a toy shop in Ireland. I’d need a bit more for a house. A house would cost at least a couple of thousand. I could buy a car for £100, but it would only drive forward. A good car that could go through water and rough terrain would be about £5,000. If I could buy anything in the world it would be…um, let me think, an Assault Land Rover like the army use. I want to be a soldier when I grow up. Soldiers aren’t that well paid but I don’t mind.
The richest person in the world is the Queen. She’s got a couple of billion. I wouldn’t like to have that much money because, basically, it’s lots and lots and lots - too much. If you have too much money you just boss people about and say, “I’ve got more money than you, so ha!”
Rich people aren’t always very nice. I wouldn’t like to be like that. I think £10,000 is enough money. It takes a lot of birthdays to get that much - unless you’ve got a mega-rich grandma and grandpa.
Am I’m going to carry on saving for a while? Oh, yes. I’ll need money for when I do my A Levels. It’s important to save otherwise you won’t have money for important things like getting the qualifications you need for life, buying a house, getting food and paying taxes. You have to pay your taxes or they send you to jail. I wouldn’t like that.
Emma, 10, Carlton
I get my money from doing jobs. I hoover, pick up the dog’s poo, put the washing machine on and make my mum cups of tea. I like buying art stuff with my money. I draw anything that pops into my head. The best thing I’ve ever drawn was a plane. When I’m older I don’t want to be any old artist. I want to be an architect or someone who designs gardens or cars. I’d earn quite a lot of money if I did that, more than for picking up dog poo.
I’d sooner earn my money than win the lottery because I’d appreciate it more. I wouldn’t want to be rich because money isn’t everything. Your family and your health are more important. I wouldn’t like to be poor either. I want some money but not too much. A million would be too much. The person who made Facebook is probably the richest in the world. I think he should give some of his money away because you don’t need that much.
It’s quite important to save. That money is going to come in handy later on. I’ve got a Robin Hood money box and a wall chart. I’ve got the chart on my bedroom wall. I put stickers on it to show how much I’ve saved. It’s quite good fun. I’ve got about £50 so far and I’ve only been saving a month. I’m probably going to put money away every month. I think I’m going to be quite a good saver. I’m only going to take money out if I really need it.
You need to save in case you don’t get a good job because how else will you get Christmas presents and go on holidays? You would have to save quite a bit to go to Disneyland Paris, maybe £3,000 - it depends how long you went for.
I’m saving so I can have a car, a house and go to university - oh, and in case I have kids. Kids cost quite a lot. I know that because I am one. I’m always needing new T shirts and clothes because I grow so fast. And shoes, I get through a lot of them - especially football boots. I play for a girls’ team. I’m quite good. Football players earn a lot of money, don’t they?
Isaac, 8, Toton
I’m quite sensible. I’ve got my head screwed on. I’m more of a saver than a spender. I think it’s better to be a saver than a spender because you never know, do you? You might need your savings if you get really poor or don’t have a girlfriend when you’re older.
I don’t spend all my pocket money. I buy things that are really cheap with that. Things that cost more, I think: “I’ll get those another time. I’ll save up for them.” I get £2 a week in pocket money, if I do all my chores. My chores are pairing up my socks, doing the dishes and helping to look after my little brother. Sometimes I get extra for that.
I’ve been saving a long time, about six years my mum says. I’ve got more than £1,000 now. I’m saving for a new Porsche, one of the good ones that costs nearly a million pounds. I’m also saving up to go to university because my mum says it’s really good.
My mum’s mum didn’t have enough money, so she didn’t get the chance to go to university. To be honest, I don’t know what university is that much. I think it’s for when you’re a teenager and it’s like some sort of college - and I’m only guessing here - but in a more fun way.
I want to work for my dad when I grow up - or take over his job. Dad’s a welder, he makes motorbike frames. He once welded 4,000 pork pie tins together. It only took him a week because he did lots of overtime. He got £1 a tin, which is a lot of money when you add it up.
The richest person in the world is David Beckham. England have only won the World Cup once and that was when David Beckham was in the team. That’s how Beckham got all his money. He tried to get back in the England squad but everyone says he’s too old. He probably is too old because he’s probably about 43 or something now.
You can have too much money. I had too much money once, so I gave £3 of it to charity on Pudsey Day. That made me feel quite good, actually.
I save so that I can have a car and a nice house and a kid one day. That’s the reason. That and being able to give some of it to poor people. I like donating to charity because I’m happy with my life the way it is.
If you'd like to find out more about how you can open a Robin Hood Young Saver account why not visit your local branch and talk to one of the staff there. Alternatively you can read more on the child saving account page.