Household Bills
Talk Money Week: How are your kids learning about money?
One in six children between the ages of 10 and 15-years-old have never received any advice on managing their money, according to Finder.com.
The money website found that the majority of children are getting their money advice from their parents, with more than seven in 10 (72%) saying that their parents had given them advice on how to manage their own money.
The second most common source for information was schools, with about one in five (22%) children receiving guidance from teachers. Other sources of information are the internet (12%) and friends (10%).
Children’s money apps
Finder found that 61% of children in the UK between the ages of 10 and 15 use an app to manage their money. This includes half (49%) of 10-year-olds, while the figure rises to more than two-thirds (68%) of 15-year-olds and 71% of 14-year-olds.
But despite so many children using apps to manage their money, only 14% say they’ve learned about money management via their bank or money app provider.
Pocket money
While the piggy bank may be on the way out, pocket money certainly isn’t. Nine in 10 (92%) of children surveyed said they receive pocket money regularly. The majority of kids save some of the money they receive, with only 15% saying they don’t keep some tucked away.
Michelle Stevens, banking specialist at Finder.com, said: “Getting your child a dedicated banking or money app to manage their finances is fast becoming the norm, and despite the nostalgia of putting physical money into a piggy bank, this is an exciting development.
“Money management apps have come a long way. Intuitive layouts plus robust safety features like spending limits and parental controls, enable kids to use their technological skills to manage their money in a practical and safe way.
“Our research suggests that more needs to be done around financial education, though. Having an app is one thing, but actually understanding how to manage your finances is a vital life skill. It is great to see so many parents taking the time to educate their children, and the kids themselves being keen to learn more, but it’s clear there is an opportunity for schools and the apps themselves to help teach money management.”
