Children thriftier than their parents, poll says

While the average adult consumer has borrowed £4,221, excluding their mortgage, it appears children are learning the lessons of overspending, according to figures published by the money-saving website MyFamilyClub.

Of the 1,000 children and parents who took part in the survey, three quarters of children in the UK have their own bank account and 81 per cent of those have deposited money into their accounts within the last year.

Regional variations show that children in Scotland are the best savers, with 89 per cent of youngsters putting their money away, while 72 per cent of children in the South East save.

In the South West, 84 per cent of children are most likely to have a bank account, while 65 per cent of children in the Midlands are least likely to have one, the survey
said.

Children in Scotland receive the highest average weekly pocket money allowance of £5.26, with children in Wales being given £2.80, according to the figures.

A spokeswoman for MyFamilyClub said that children are also investing pocket money far more wisely than ever before, with 78 per cent of children saving some or all of it.

The survey has been conducted to find out the actual and physiological impact of the economic crisis on the nation’s young.

Parents were asked questions about their children’s experiences with money, including those around earning, saving and spending, perceptions and awareness, the spokeswoman said.

The survey revealed that eight out of 10 children are expected to earn their pocket money by carrying out chores.

In return they receive a national average weekly allowance
of £4.65, which they are most likely to spend on toys, sweets, magazines and computer
games respectively, the survey said.

But the figures also revealed that 15 per cent of children do
not receive any pocket money at all because their parents are
unable to afford it, and 16 per cent of children also worry about money.

The spokeswoman said: “Despite the fact that 57 per cent of parents discuss money with their children, about three in four did not understand the meanings of the words debt, redundancy and recession.”