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Kids just as on-the-ball when it comes to money as their parents

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22/11/2012
Financially savvy kids are mirroring their parents' behaviour as more and more start to save from a younger age.
Kids just as on-the-ball when it comes to money as their parents

Latest research from online pocket money site, PKTMNY, has found almost nine in 10 eight to 16 year olds believe saving money is important.

Of this group, two out of three children believe saving is important when they have a goal.

Three quarters of children say they feel in control of their money, the same proportion as parents.

This varies according to age with two thirds of those under 10 (65%) likely to feel in control of their money, compared to four out of five (79%) of 14-15 year olds.

An overwhelming majority (88%) of children say they learn about money from their parents.

Mark Timbrell, CEO and Founder of PKTMNY said: “The study confirms what we as parents instinctively know; our children feel positive about money and generally want to be sensible with it. They look to us to learn about how to manage, save and spend it.

“Yet for most parents, it’s difficult to know where to go to find the right tools to help. There is a need to embrace the internet and latest technology to create a way for children to learn about money.

“We believe, as our research has shown, that parents are best placed to teach children about money.”

Despite children being just as keen to save money to achieve a goal, they don’t reflect their parents attitude to spending.

41% of children are positive about spending on items they wanted, whereas only 26% of parents felt the same.

The report suggests that children have a positive relationship with money.

Dr Elizabeth Kilbey, clinical child psychologist said: “The PKTMNY research shows children are far more switched on about money than we may think.

“They feel positive about it; get the importance of saving and like the idea of having a goal to work towards.

“The challenge for us as parents is how to engage our children in the right way, so that we can help them link spending and responsible behaviour and, in so doing, learn the value of money.”

According to Kilbey, there is a striking difference between how an eight to nine year old thinks about money and those 12 and over.

Kilbey continued: “Starting secondary schools begins the process of learning the importance of having money, and being able to buy the things you want.

“This makes it so important that parents find a way to tackle conversations about money early on, to create a positive link between saving and spending to develop sound money habits.”

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