From saving pocket money to better budgeting and giving to charity, children’s financial habits are changing
Takeaways are off the menu for Maddie Handsley and mother Katie © image1st.co.ukThe cost of living crisis has blighted the financial lives of millions of families, and prompted children to ask many questions about money.
However, the number of children using their cards to spend on “essential” categories such as supermarkets increased by 17 per cent, suggesting more are using pocket money to buy food and everyday items. One thing is certain — whether or not we talk to our children about the cost of living, they’re picking up how concerned we are. Nearly three-quarters of 2,000 children and teenagers surveyed by gohenry said they were worried about the cost of living crisis, including rising food and energy bills.Survey of 2,000 youngsters by gohenryaccording to
Katie has told her daughter that expectations for Christmas presents “need to be different this year” and the family has cut back on eating out. Some parents who contacted me on social media say they don’t watch the news as they don’t want their children to have nightmares about energy blackouts, recession or the prospect of nuclear war.
‘What is inflation?’ is a common question she hears; but since the “mini” Budget, even year 7 children have been quizzing her about tax and national insurance. Others say they are encouraging their children to watch the news, and using this to start conversations about money. Liam tells me he’s been shopping around online for bargains. “I recently bought a magnet pen for £5, but the first one I saw was £15,” he says.“A need is spending money on electricity, broadband and clothing — but not fancy, branded clothing,” he says.
“It just shows you that children are not only aware of the cost of living crisis, they want to do something about it,” she says. “Our financial planners aren’t seeing evidence of parents holding back from helping their children out — quite the opposite, in fact,” says Jason Hollands, managing director of Evelyn Partners, a wealth manager.
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