Recession gives children a financial education
One in four children have reduced their spending because of the recession, according to new research published this week.
The study, commissioned by HSBC and the Personal Finance Education Group (pfeg), found that children’s attitudes to money have been strongly impacted by the recession.
Eight in ten of the 1,000 children polled said they would save up to buy something rather than get into debt.
Over a third (34%) said they have heard adults say they can’t buy something because of the recession at least once per week.
“The survey shows that children have very good instincts towards money and they seem to be natural savers,” said Wendy van den Hende, pfeg chief executive.
“This does not always last into adulthood, which is why we are working to improve financial education in schools to reinforce these instincts. It is good to see that parents also agree that this is important.”
Peter Bull, HSBC spokesperson, said it was “reassuring” to see that most children would rather save than get into debt.