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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
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.
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