Saving money is an important life skill that children can start learning at an early age. But just how much money are children saving on average? In this feature, we’ll explore the average children’s savings and some of the factors that can influence how much they are able to save.

According to a 2021 survey by financial services company, Fidelity, the average amount saved by children under the age of 18 is $2,375. This represents a significant increase from the previous year’s average of $1,467. The survey also found that the majority of children (56%) had their own savings accounts, with 18% saving through a 529 college savings plan and 16% saving in a custodial account.

The amount of money children are able to save can be influenced by a number of factors. One of the primary factors is the level of financial education and support they receive from their parents or guardians. Children who are taught the importance of saving and given regular opportunities to save money are more likely to develop good saving habits and accumulate more savings over time.

Another factor that can influence children’s savings is their access to financial resources. Children who have access to regular income, such as through an allowance or part-time job, are more likely to be able to save money than those who do not have a reliable source of income. Similarly, children whose parents or guardians contribute to their savings accounts or provide financial incentives for saving may also be more motivated to save.

The age of the child can also play a role in their savings habits. Younger children may be less likely to save money on their own, but can still benefit from regular deposits into a savings account on their behalf. Older children may have more opportunities to earn their own income and may be more interested in saving for specific goals, such as a car or college education.

In addition to the amount saved, it’s also important to consider how children are using their savings. The Fidelity survey found that the most common use of children’s savings was for college education, with 58% of children saving specifically for this purpose. Other common uses for savings included buying a car (34%), travel (22%), and starting a business (10%).

In conclusion, the average amount saved by children under the age of 18 is $2,375, with the majority having their own savings accounts. Factors that can influence children’s savings habits include financial education and support, access to financial resources, and age. Encouraging children to save at an early age can help them develop good saving habits and achieve their financial goals in the future.