'Children keener than parents to save'

First published in Business Daily

ALMOST nine in 10 (89%) eight to 16-year-olds in the West Midlands believe saving money is important, making children keener to save than their parents, according to research from PKTMNY.

Of that group, two out of three (65%) children believe saving is important when they have a goal. The national results showed that three-quarters (75%) of children say they feel in control of their money, the same proportion as parents.

That 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 to 15-year-olds. A majority (88%) of children say they learn about money from their parents.

Children are upbeat about spending, as well as saving, with four out of 10 (41%) saying they felt positive about spending on items they wanted. In contrast, only 26% of parents felt the same with one-third (32%) saying they felt worried they could not afford what they wanted to buy.

Children have overwhelmingly positive associations with money, with two out of three (69%) feeling happy when someone said the word money to them.

Again, that varied according to age, with eight to nine-year-olds most likely to feel happy when asked about money, falling to only 65% of 14 to 15-year-olds. In contrast, only 27% of parents felt happy when asked about money, with one in five (21%) parents saying they felt instantly unhappy when someone says the word money.

Mark Timbrell, chief executive and founder of pocket money specialists, 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. We realised that there was a need to embrace the internet and 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.”

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 hold out for.

“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.”

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