It’s that time again! We hope you’re enjoying the summer holiday with your children. Here’s what’s happened this week in children’s finance:
Differences between teens and baby boomers
We’re always reminding our teens that they should be grateful for everything they have, but they aren’t as entitled as the Baby Boomers were. HSBC chief economist Stephen King says young people will miss out on certain privileges like free university tuition, life-long jobs, a housing boom, pensions, and healthcare. While these might not come about for your children like they did for the Baby Boomers, making sure your children are getting a financial education can put them in a better position for the future.
In a survey done by Nationwide, 60 per cent of parents estimated spending up to £300 for holiday entertainment for their kids. One in ten said they even expected to spend more than £450! If you’re looking for ways to keep down summer costs, we’ve compiled a wallet-friendly list of activities that you can do with your children this summer holiday.
Kids are saving more
A couple of weeks ago we learned that children are very aware of their parents’ financial troubles and parents didn’t even know it. In a study, two thirds of mums said their kids were aware of the need to watch household spending.
Now, two thirds of kids are saving money to buy their own items rather than asking their parents to buy things for them. Completing chores around the house is just one of the ways children are working to earn extra cash and as you may know, goHenry facilitates this happening in the home in a unique, streamlined way. While we’re thrilled to hear kids are saving more, we believe in order to understand the real value of money everyone needs to 'earn, save, and spend.'
Author Jane Austen will feature on the next £10 note, the Bank of England has announced this week, helping to address the absence of women represented on banknotes. The Pride and Prejudice author will be the next face of the note, replacing Charles Darwin, probably in 2017. If you could chose a famous woman from the UK’s history to appear on the £10 note, who would it be?