There’s bad news for the traditional piggy bank as children in the island have a wide range of options for which institution they want to save their money with, the Keys was told this week.

Treasury Minister Alfred Cannan was quizzed by Jason Moorhouse (Arbory, Castletown and Malew) over what initiatives the government has considered to encourage the island’s young people to start saving.

Mr Cannan said: ’The Treasury is conscious that all island residents should be able to access banking facilities and is currently satisfied that a range of account types and options are available through a number of banks and financial institutions in the island.

’Treasury continues to consider options available to encourage the use of saving products across all demographics on the island.

’Local banks do offer saving products tailored specifically to younger people and honourable members will also be aware of the valuable service offered by the Manx Credit Union amongst the island’s wider population.’

In response to a further question, he said it is not the job of Treasury or the FSA to know how many children have accounts.

Mr Cannan also praised the work of Junior Achievement, which offers free financial education to all island school children and makes volunteer visits into schools.