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Generation Z kids and money – their thoughts revealed

We all know parents would like their children to learn money skills – but what do the children think? A study has revealed 95% of Generation Z kids (children under 15) agree they must learn money management skills, and 88% of eight-11 year olds agree it’s important to save money. Does that reflect what we found out when we chatted to some?

The study by market research agency GFK also estimated, in the cases where a child has a savings account, those between eight and 11 hold £2,700 while those aged 12 to 15 hold £2,300.

Money is an important topic and, especially for children who hold savings of their own, it’s good to see interest starting young. We asked some other eight-15 year olds for their thoughts on money, savings and banks. Here’s what we found out…

Children and money – the interviews

How do you use your money? Do you save or spend?

Many of the children we asked said they put money aside for the bigger things they want.

Josh, aged 11, told us ‘I save most of my money for the future when I want to buy something like a games console, phone or an iPod. I keep back a small amount so that I can buy things like sweets and games’.

Jamie, also aged 11 agreed, saying ‘I buy some quite small things like sweets but sometimes I buy larger things like my mobile phone and my iPad (I sometimes pay half and my parents pay half).’

David, aged 14, told us the future was an important consideration too, saying ‘I also have accounts for when I’m older that friends and family can pay into’.

Do you think it’s important to save?

The children we asked had quite astute answers to this question.

Will, aged 11, talked about the importance of saving because what you buy ‘means a lot more than if your Mum or Dad buy it for you, and you look after it more.’

Amy, aged 14, talked about the future, suggesting ‘it is important to save because you will need to in later life. You never know when you will need the money and it’s important to have it there as a back-up.'

 What advice would you give others about their money?

Could you learn from your children? Most of our interviewees talked about the importance of saving and making sure your money is secure.

Zak aged 13 said ‘I would tell them to save their money for larger items in general, rather than spending it on smaller, less valuable items.’

Josh, aged 11, added ‘You should also do some research about which bank account you should use.’

 

How can you teach your child money management?

So, what should you do if you want your children to learn about money?

Involving your children in some of the decisions you make about money is one really easy way to help develop the right financial behaviours for the future. For example, you could sit them down and show them how you budget the weekly food shop and ask them to have a go.

Talking to your children about the regular money decisions you have to make is also a particularly good idea as they reach their late teens.

The survey by GFK also found that if a bank account is held in your child’s name, they are more likely to be involved in decision making about finances and older children are more likely to check balances, withdraw money and pay money into an account.

 

 

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