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Your children are worrying about your family finances

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Written by: Paloma Kubiak
22/07/2016
A third of eight to 15-year-olds are worried about money and more boys than girls are affected by family finances, a shocking report reveals.

Worries around family finances continue to affect the younger generation with 33% of eight to 15-year-olds saying they worry about money, according to the latest research from the annual Halifax pocket money survey.

Despite boys receiving 12% more pocket money than girls (£6.93 vs £6.16), they are much more likely to worry about money too (37% vs 30%).

In the last survey, the results revealed there was no such gender divide, with just a 1% difference in the amount of boys and girls who worry about money. Previously, boys were found to receive just 2% more pocket money than girls (£6.25 vs £6.14).

Halifax also found that children in Greater London worry more about money (54%) compared with 27% in Wales and West of England.

But parents are aware their children are concerned about money and so they’re now feeling more confident in teaching them about finance.

More than four in five (83%) say they feel comfortable talking about money with their children, up from three quarters (76%) in 2015.

Giles Martin, head of Halifax savings, said: “It is concerning that one in three children worry about money. This is likely to be a reflection of young people picking up on their parents’ financial anxieties and shows how money issues continue to affect many families. Boys seem more switched on to these concerns, as despite receiving significantly more pocket money than girls, they are now more likely to worry.

“It is encouraging however, that parents are now more comfortable talking to their children about money. With nearly two thirds of children keen to understand more about banking, it is clear these conversations are appreciated.”

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