Children aged 16 and under have squirrelled away more than £400 on average from their pocket money, their parents estimate.
A survey of parents with children in this age group found the typical estimated amount saved was £416.
Nearly one in 10 (9%) believe their child has saved between £501 and £2,000, according to the research among more than 1,000 parents across the UK commissioned by Aviva.
About four-fifths (78%) of parents said they encourage their child to save some or all their pocket money, according to the UK-wide survey carried out by Censuswide in October.
More than half of those (51%) with a three-year-old said they have already started instilling savings habits.
More than two-thirds (68%) of parents reported that their children are balancing saving with spending, using their pocket money to buy items such as food, toys, and video games.
According to their parents, one in five children (22%) glean information about money from social platforms such as TikTok and Instagram or online financial influencers.
However, more than a third of parents (35%) expressed concerns about…
