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Eight-year-olds anxious about money

More than half of children aged between eight and 15 worry about money, according to Halifax.


by Amelia Barker on Aug 11, 2012 at 00:01

Eight-year-olds anxious about money

Children as young as eight are worrying about money, new research has revealed.

Some 58% of children aged between eight and 15 worry about money, according to Halifax, with 17% admitting to borrowing money. The majority – 74% – claim to borrow from their parents, but many ask friends and grandparents as well.

Halifax’s survey, which interviewed more than 1,100 children between the ages of eight and 15, also shows that nine in 10 children are concerned about how much their parents worry about money, with 29% of children even admitting to lending money to their parents.

Unsurprisingly, the older the child the more likely they are to be concerned about money, Halifax says. Just 21% of children over the age of 15 say they ‘never worry about money’ compared with 34% of children aged 12 and 57% of eight-year-olds.

Despite this it is nine-year-olds who are the most likely to lend their parents money, while 14-year-olds are the least likely.

‘It is concerning that children are becoming anxious about their parents' money worries, but this highlights that children are really aware of the financial behaviour of the people around them,’ said Richard Fearon of Halifax.

‘By introducing positive saving and spending practices from an early age, children can get into habits that will help them to manage their money as they grow up and understand the benefits of saving in both the long and short term,’ he added.

The news comes as consumer groups continue to lobby the government to introduce compulsory financial education into schools to ensure young children understand the basics of money management and debt before taking out student loans and beginning work.

7 comments so far. Why not have your say?

Jeremy Bosk

Aug 11, 2012 at 09:20

They need to worry.

Lessons in financial education:

If you hope to afford university, don't vote Tory.

If you ever want a house of your own, don't vote Tory.

If your parents want to keep their jobs, don't vote Tory.

Unless you rejoice in misery and squalor, don't vote Tory.

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max via mobile

Aug 12, 2012 at 09:14

Lessons in financial education:

If you hope to get a useful degree in a useful subject after getting into debt rather than a watered down one that pumps up university numbers to the masses, don't vote labour.

If you don't want to live in a council house and get your money off the state dont vote labour.

If your parents want to keep their jobs, as conservatives are facing up to the mess that labour created don't vote labour.

Unless you rejoice in misery and squalor that is created by a dependency to the welfare state don't vote labour.

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Alan Tonks

Aug 12, 2012 at 10:15

I wonder if Halifax would give me their detailed survey of those 1100 children, between the ages of 8 to 15 under the freedom of information act.

I doubt it and I wouldn’t have thought it would be that detailed either, they must be missing their name in the tabloids.

On another point Jeremy, why do you keep on harping on about not voting for the Tories, who would you vote for?

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Aug 12, 2012 at 11:17

As a life-long Tory voter who now feels aggrieved at the Tories, particularly as my eldest son is starting University in a month or so, I have to keep reminding myself of exactly who is to blame for the reason this Country is borderline Bankrupt.

Those facts will prevent me from voting Labour (ever!). Perhaps Jeremy Bosk needs to examine the facts as well.....

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Jeremy Bosk

Aug 12, 2012 at 16:27

There is plenty of blame to go round for the mess we are in. Brown's economic policies were bad, Osborne's worse. But our mess was not created in a decade or even a century. An inadequate education system, failure to build sufficient houses or an adequate infrastructure, the list is endless.

I stopped voting Tory when Thatcher elevated greed and selfishness to a state religion, squandered the revenues from the North Sea, neglected the navy so forced us into an unnecessary war in the Falklands, destroyed the coal mining industry to make a political point, opened the ports to drug smugglers to anaesthetise the unemployed youth, maintained a strong pound to aid importers and destroy home based manufacturing and so on and on and on.

I stopped voting Labour when Blair's first visit as Prime Minister was to ask Thatcher for her advice. Subsequent conduct in the illegal war in Iraq confirmed my view of His Imperial Greasiness as a Quisling. New Labour is just a faction of the Tory Party.

The SDP were Quislings from their founding with indirect financial support from the CIA. The Lib Dems have merely carried on the tradition. The few decent people still in that party should either spend several generations to cleanse it or leave and join the Greens.

The minor parties all have serious faults from my point of view.

Milliband has recently cosied up to Blair. This may have been a tactical move like Stalin and Hitler dividing up Poland before the serious fighting began in WWII. I hope so, because Blair is nothing that can be repeated in polite conversation. As with the Lib-Dems, decent people in the Labour Party have a choice. They can stay quiet and carry on voting Labour because the Tories are worse. Then after the next election they can fight for generations to purge the ranks of psychopaths, sociopaths and criminal lunatics. Or they can give up and join the Tory Party in the hope it is not too late for personal gain as the vultures pick over the rotting corpse of our once great nation.

The Tory Party is not capable of reform. It is not capable of learning from history. It is not capable of understanding the modern world. The Tory Party is living proof that Invasion of the Body Snatchers was not a work of fiction but a documentary.

Who would I vote for? Not Tory as they have bad policies as well as bad people.

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Truffle Hunter

Aug 13, 2012 at 07:26

What a load of emotional tosh!

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Jeremy Bosk

Aug 13, 2012 at 14:15

People vote for emotional reasons. Then use logic to justify them.

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