Parents believe financial education should start sooner
Over half (56%) of parents are not confident in the security of their children’s financial future, with 28% of parents pessimistic about the outlook. The research also finds that 1 in 2 parents are saving to help pay for their children’s ever-rising cost of education (25%) and housing (22%), putting the ‘bank of mum and dad’ under ever more strain.
There is an increasing desire from parents for financial education to be introduced to children sooner rather than later, with over three in five British parents (63%) believing kids should start learning about money in their pre-teen years. Only a small minority (9%) believe children should learn about savings and investing in their mid-teens or later.
On the back of the research, F&C has launched the ‘Investing for Children for Dummies’ guide, published in partnership with the ‘For Dummies’ brand.
Rob Thorpe, head of UK Sales at F&C Investments said: “Predicting what the future might look like for our children pre-occupies many parents. Despite an improving economic outlook, a high number of parents remain concerned about the financial future of their children. Big results could be achieved over the long term by investing early, with regular contributions – however small.
“What’s clear is that parents believe education can play a fundamental role in helping people to understand the value of saving. Providing this at an early age would help set children on the path to prudent saving and investing habits in later life.”