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Children 'worried about money'

Nearly one in three children have been worried about money, suggesting that the tough economy of recent years has left a lasting imprint on the new generation, research has found.

Some 31% of children aged between eight and 15 said they have worried about money, while a large number of young people are aware of concerns about their family's finances, the research for Halifax found.

Nine out of 10 (89%) parents said they worry about money, and almost three-quarters (73%) of children said they are aware of their parents' concerns.

More than one in 10 (11%) children aged between eight and 11 said they have borrowed money from someone they know.

A quarter (25%) of children had also lent money out - and nearly one in three (30%) of these said the money was lent to their own parents.

Financial education was introduced to England's national curriculum last year, bringing it into line with the rest of the UK.

But the Halifax research found that more than half (60%) of children prefer to learn about money from their parents.

Giles Martin, head of Halifax Savings, said: "Parents need to be very aware just how much of an impact their own feelings about money can have on their children's views and habits. Whilst finance is now being taught in schools, children don't want their mum and dad to take a back seat.

"Talking about money at home can be a great way for children to start building an understanding of the importance of good money management. Pocket money can be a great tool for parents to teach their children the basic life skills of earning and saving money."

Some 1,200 children aged between eight and 15 and more than 500 adults took part in the survey.


From Belfast Telegraph