Parents need to make sure they teach their kids the importance of putting money in savings accounts from a young age, according to occupational psychologist Kim Stephenson.

Mr Stephenson, who is also the founder of online resource Taming the Pound, explained that saving towards a goal is always preferable to taking on debt.

"You can't have everything. If you buy the yacht, you can't afford the Caribbean Island. What things do you want and need most?" questioned the expert.

He highlighted that kids need to be taught that "decisions and actions have consequences", which is something that should be addressed as early as possible.

Mr Stephenson's comments follow research from Halifax, which showed that kids in the Hertfordshire town of Harpenden have around twice the national average of cash in their savings accounts.

Towns within north London, such as Harrow and Wembley, also ranked highly.