Even if we are not very good at it, we all know how important saving money is and appreciate the long term goals that can be achieved by putting those pennies aside. But what we are perhaps not all aware of is how attitudes towards saving can differ greatly between parent and child.
We conducted some research at goHenry around this topic and found that two thirds (67%) of children believe saving is important when they have an end goal in sight. However, only 48% of parents feel the same about saving. It is also encouraging to see that half of the children asked would spend some of their extra birthday money immediately, but always try to put some of it aside in savings.
Only 15% of 12-15 year olds would spend all of their extra money immediately, which is significantly less than those who opt to save. It is vital for children to think about saving and do so where possible, but also equally as important that they then spend some of their pocket money, whether it’s on the latest book download, Lego set or video game.
This is the only way that children will learn how to manage money and ultimately appreciate its value. As long as children learn about saving and spending money in equal measure, it will provide them with money management skills from a young age, and that will stand them in good stead for the future.