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Concerns about economy hitting young Brits

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24/04/2008

Concerns about the economy and the uncertainty in the housing market are causing stress in children as young as 11 years of age, according to Abbey Banking.

In its study of 11 to 15 year olds, the research from Abbey Banking found that 11 to 15 year olds are more likely to be worried about falling into debt and being poor when they are older than schoolyard fights with friends.

In its survey of 300 children, more than one in five children said they were worried about being poor and falling into debt when older, compared to 15% who were worried about falling out with friends.

The top stress for young Brits was failing important exams (32%). Among the nation’s 12 year olds, fears about future wealth and falling into debt (25%) eclipsed concerns about exams (19%) while 11 year olds were equally likely to be worried about exams as they were falling into debt and being poor (23%).

Steve Shore, director of Abbey Banking, said: “The news is fairly extreme and shows just how much information children absorb. Parents can calm their children’s fears on issues such as house prices and concentrate on teaching their children good financial habits such as saving their pocket money.

“Kids should also be taught about products such as current accounts as this will hold them in good stead for later years and helps teach them to manage their money and spending early.”

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