Kids 'Worrying About Money'

One in ten 8 year olds say they have borrowed money.

That is according to a report by the Halifax bank, which reveals a third of children worry about money. Parents' behaviours are filtering down, with a quarter of children saying they've lent money out - a third of them to their own parents. Despite an improvement in the economic situation of the country over the past couple of years, the previous recession appears to have left a lasting legacy on the nation’s children. 

Almost one third of parents admit to borrowing money from someone they know at some point, whilst 16% of children claim they have had to do the same. The research confirmed that children felt the school-based delivery might not be the full solution, with 60% saying that they would prefer to learn about money from their parents, whilst 20% thought school was the best place for this.

Giles Martin, Head of Halifax Savings, said:

"Parents need to be very aware just how much of an impact their own feelings about money can have on their children’s views and habits. Whilst finance is now being taught in schools, children don't want their mum and dad to take a back seat. Talking about money at home can be a great way for children to start building an understanding of the importance of good money management. Pocket money can be a great tool for parents to teach their children the basic life skills of earning, and saving money."