Youth Week takes place in all Bank of Ireland branches countrywide from July 6 to encourage parents to give their children the gift of saving by opening their first savings account for as little as €1.
Staff around the country are preparing to welcome the next generation of savers at the branches and each new Young Savers account holder will get their his/her own money box, a savers book and a 20 per cent discount voucher for Lifestyle.
The Bank of Ireland Young Saver Account is tailored for any child up to 12 years of age and can be opened by a child jointly with an adult up to age seven and thereafter in his/her own name.
Commenting on the initiative, Paul Muldowney from Bank of Ireland, Kilkenny says: "We are a proven nation of savers and nearly eight out of every 10 Bank of Ireland customers who are parents open a Young Saver account for their children. We know from research that they believe the principle of saving is really important although it's not until a child turns five years of age that they really understand the value of money. The most likely time children start saving themselves is after their First Holy Communion when they have accumulated their first real lump sum, but experience shows that the earlier a child starts saving the more likely they are to continue that habit throughout their lives.
“Our research shows that 72 per cent of parents say they give their children pocket money but most of the time it's conditional on good behaviour and helping with chores around the home. Even though 61 per cent of children surveyed said they like to buy sweets with their pocket money, it's encouraging to know that 89 per cent of them are saving at least some of their pocket money so the savings message is definitely getting through and should benefit them in their lives.” Mr Muldowney concluded.
