For many, the hardest part about growing up can be facing the difficulty of fending for yourself financially, but children are increasingly savvy about such matters, says a new report.

While some of the older generation left it too late to start putting pounds away for financial milestones, according to ICM Financial the current generation is eagerly building their savings for cars, university and houses.

Savings Barometer, the report carried out by the firm, says that 50 per cent of children under the age of 18 are saving for their first car, while 38 per cent are looking to contribute financially to further their education and 28 per cent are aiming to fund their own travelling experiences.

Steve Potter, head of savings at Bradford & Bingley, says that it is an achievement to parents for encouraging children to think about their economic futures.

"Whatever the motivation, it's clear that today's parents are actively encouraging their children to save for their future," he said.

"The expectations are high but it appears to be getting results. Our survey suggests that two out of three children are saving and 48 per cent of respondents believe that their children save more than they did at their age."

The goal of many parents, according to the report, is for their child to have £2,000 saved by the year the turn 18.

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