YOUNG savers have fattened their piggy banks in anticipation of Christmas with three in five saving more than they spend during the year, new research today showed.
Halifax said that 58% of all children were savers, with boys accruing larger nest eggs than girls.
Children in the West Midlands were found to be the most frugal. Despite having the lowest weekly income of £24.59, three quarters of children in the West Midlands set aside more than they spend.
At the other end of the scale were youths in Yorkshire and Humberside, with only 42% saving.
Children in Wales have gone from being the worst savers in the UK in 2005 to the second best, jumping from a savings rate of 31% to 68% in the space of a year.
Research also showed boys to be better savers than their female counterparts. Two-thirds of boys save more than they spend compared with just 52% of girls.
Seven to 11-year-olds now have a weekly income of £15.88, the Halifax said, whereas for 12 to 16-year-olds the figure rises to £40.48.
Mike Regnier, head of savings at Halifax, said: "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.
"Children are capable of saving money and are prepared to save up for Christmas shopping or expensive items that they want. It is encouraging that they appear to know the importance of looking after their cash at such an early age."
Halifax also found that the number of seven to 11-year-olds with mobile phones had now risen to 77%.
Children in London were the biggest phone owners; 97% of children had a handset.
