The study by Santander revealed that saving towards college or university was the main priority for forward-thinking youngsters, with over a quarter citing this as a reason for setting cash aside.

Clothes and personal items, an expensive smartphone or tablet, a holiday or travelling and a car were also commonly cited reasons for saving.

Eight per cent of 11-16 year olds said they were setting money aside for a deposit on a house.

The report revealed kids are saving more than their parents’ generation – only 83% of adults said they saved money when they were their child’s age.

According to the study, children save on average £28 per month, or £336 a year – just over half the average monthly income they receive, which is currently £55 per month.

Parents appear to be the main source of money for children, providing almost half of their monthly income. A part-time job brings in an average of £15 per month, while other family members and sources contribute the rest.

Reza Attar-Zadeh, director of retail products for Santander UK, said: “The extraordinary economic climate of recent years is shaping youngsters’ attitudes towards money. It’s clear that many are more financially astute than grown-ups may give them credit for, and are adopting a positive approach to spending and saving their money.”