A third of children worry about money, survey finds

Every month, various inescapable outgoings are required to maintain a certain stand…

Every month, various inescapable outgoings are required to maintain a certain standard of living and keep a roof over one’s head.

However, a survey of more than 1,200 children has revealed that money worries aren’t confined to just adults and mortgage holders.

Research conducted by Halifax found that a third of eight to 15 year-olds worry about money. Furthermore, it’s something that parents are aware of, with a third of the 575 parents also questioned admitting they know about their children’s cash concerns.

Parents appear to be okay about addressing their child’s distress though, with 83 per cent saying they’d feel comfortable discussing money with their child, an increase from 76 per cent a year earlier.

This willingness is just as well because there is a clear hunger for knowledge with almost two-thirds (63 per cent) of children keen to learn about bank accounts, and more than a quarter (26 per cent) eager to flesh out their knowledge of credit cards.

Despite the same study suggesting that there was virtually no gender divide in 2015, boys now receive more pocket money than girls compared to 12 months ago, with lads receiving 12 per cent (or 77p) more than the opposite sex – £6.93 to £6.16.

However, that doesn’t mean that they worry any less about money, quite the contrary. More than a third of boys (37 per cent) confessed they fret about money, compared to 30 per cent of girls.

This gender gap switches upon becoming a parent, it is believed, with 91 per cent of mums anxious over finances compared to 84 per cent of dads.

Giles Martin, head of Halifax Savings, believes that childrens’ money worries could be a mirroring those of their parents.

“It is likely to be a reflection of young people picking up on their parents’ financial anxieties and shows how money issues continue to affect many families,” explained Mr Martin.

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