Two-thirds of wealthy parents restrict the amount of cash their children can access so they have a better understanding of money, a survey suggests.

Some 66% of parents said they are careful about the amount of cash their children have access to, in order to teach them the value of money, according to Lloyds Private Bank, part of Lloyds Banking Group.

The survey was carried out among parents aged over 50 with assets of more than £250,000 including pensions but excluding any additional property wealth they may also have.

Nearly seven in 10 (68%) parents said they have educated their children about finance, business and investments, and a third (32%) claim they kept them on a strict budget growing up.

Nine in 10 (92%) parents surveyed expect their children to strive to generate their own wealth.

More than half (57%) of parents believe those receiving money passed down the generations will look to grow any money and assets they inherit.

But one in 12 (8%) parents admit they have concerns their children may squander any inheritance they receive.

The vast majority (96%) of parents surveyed believe it is their responsibility to educate their children about the value of money, while 35% think schools are also responsible and 32% expect children to teach themselves in part.

Sarah Deaves, director private banking, Lloyds Bank, said: "It's encouraging that wealthy parents are putting such a strong emphasis on educating their children about money.

"We all know the old phrase 'look after the pennies and the pounds will look after themselves' and it seems parents are instilling this mantra into their children from a young age.

"Given the economic climate and increase in life expectancy it's now more important than ever that we're looking after our money, and teaching our children to do the same."

More than 500 parents took part in the survey.

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