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Waitrose rewards families with KidStart savings

UK-based supermarket chain Waitrose and family savings programme operator KidStart have partnered to allow parents to save up to 1.2% of their spend toward their children's education when they shop online for groceries at Waitrose.com.

The shopping rewards are automatically saved up to help with children's future expenses such as university fees, setting up a new home, or even just topping up pocket money.

Under the new partnership, KidStart members who shop for groceries at Waitrose.com will receive 1.0% back for their children on all orders over £50, rising to 1.2% back on orders over £100 (a larger benefit aimed at larger families). Members of the programme also have access to a number of special offers, recipes and other helpful content.

A recent YouGov poll commissioned by the Institute for Public Policy Research on young people and savings discovered millions of young people are not saving enough and many would not be able to withstand the financial shock of losing their jobs, let alone building up a pension or saving for a deposit on a home.

According to Simon McTiernan, online marketing manager for Waitrose, the average British family spends £83.30 per week on food and drink, which could potentially add up to some £268 million per year worth of savings nationwide.

Founded by parents, for parents, KidStart aims to help by giving back a little on everything a family needs so that they can build up a nest egg for their children's futures. Since its launch over three years ago, KidStart has helped thousands of families put aside millions of pounds through its "save as you shop" approach. According to KidStart member, Emma Butler, "I have been using KidStart for a few years now and have managed to save a significant amount for my children. I've told my family all about it and they now use KidStart allowing their savings to go to my children as well."

Sources: Waitrose; KidStart / The Marketing Factbook.
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