When it comes to money, wouldn’t it be interesting to find out if parents and children share the same views? Here at goHenry we commissioned some research to do just that, looking at attitudes and feelings towards money. This involved asking more than 1,000 children aged 8-16 and 1,000 parents.
So what did we find out? Well, children are very positive about money, more than two thirds (69%) of the children we spoke to feel happy about money. While encouragingly nearly every child we spoke to (87%) believes it’s important to save money and they’re also positive about spending, with just under half (41%) happily spending on items they want.
But what about their parents we hear you ask? When it comes to how they feel about money, more than one quarter of parents (27%) actually feel unhappy, and one third (32%) of our goHenry parents worried they couldn’t afford what they wanted to buy.
So if their feelings towards spending are so different, how come we found that their attitudes are similar? Three quarters of the children that we spoke to said they felt in control of their money, a view shared by an almost identical number of parents. Nearly every parent we spoke to (89%) said that saving is important to them, another view reflected by the same proportion of children.
We asked Dr Elizabeth Kilbey, a clinical child psychologist that we work very closely with for her views on the research and here is what she had to say:
"Children are far more switched on about money than we may think. They feel positive about it; get the importance of saving and like the idea of having a goal to hold out for. The challenge for us as parents is how to engage our children in the right way, so that we can help them link spending with responsible behaviour and, in so doing, learn the value of money."
We all know, as parents that we should be teaching our children about money and this research confirms how our children look to us to set an example. This also backs up the need for interactive tools, like goHenry. Ultimately we hope to help parents like us, to help their children with their first steps into the world of managing money, in a safe and secure environment.