The number of children worrying about money is far greater than parents realise, with children also much more aware of their parents’ own money worries than parents are of their children’s.
Nearly nine in ten (86%) children aged eight to fifteen say that their parents worry about money, an accurate reflection of the 92% of parents who admit to being concerned about their finances.
However, the number of parents who appreciate the money worries of their children is much lower. While six in ten children (58%) admit to worrying about money themselves, just over a third of parents (36%) think this affects their child.
The awareness gap that exists within families highlights the fact that children are continuing to shoulder the money worries of their parents. There is, however, an appetite from children to learn more about finance and 78% of parents say that they would feel confident in teaching their children about money.
More children (59%) said that they would prefer to learn about finance form their parents than from any other source (21% teachers, 7% internet), with savings (63%) topping the list of things that they would like to learn about, followed by bank accounts (57%) and credit cards (20%).
Richard Fearon, Head of Halifax Savings comments, “It’s encouraging that that so many parents feel confident in teaching their children about finance. As parents, we try and protect our children from the things that worry us but sometimes it can be more beneficial to talk through financial concerns as a way to help children better understand money and put things into perspective.
“We know that children are very aware of the behaviour of people around them and by having discussions about money from an early age children will be much better placed to know how to manage their money as they grow up.”