More and more children seem to be realising the reality of facing heavy debt levels in later life, as research carried out by The Children’s Mutual report that a third of children between 11 to 18 are saving up to afford higher education.

Although parents may think their child would needlessly blow their money from a Trust Fund, over half of  those surveyed would spend it on education or putting money towards their first home.

David White, Chief Executive of The Children’s Mutual, said: “You’ve got to give credit to our teenagers!  Their parents were brought up in an environment that was all about borrowing and spending but this generation of young people has realised that saving now and spending later is a better approach.”