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Teens 'responsible with savings'

British teenagers are far more careful with money than stereotypes suggest, new research from the Children's Mutual shows.

A survey conducted by the firm among 18-year-olds found that a clear majority - 57 per cent - of those told that they would be given £20,000 would decide to save the money.

This total clearly outnumbers the teens who would blow the money in a spending spree (42 per cent) or those who would spend it to "have fun" (19 per cent).

Those who would save the money also put themselves in a better position to pay off debt or put in a sizeable mortgage loan deposit in the future.

The survey was undertaken on the third anniversary of the child trust fund - a scheme designed to provide a savings account for each newborn British child which reaches maturity at the age of 18.

Commenting on the findings, chief executive of the Children's Mutual David White 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.

"With the papers full of the credit crunch there has never been a more appropriate moment to talk about this."

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