New campaign reveals how much children think daily goods cost
- The average UK child now receives a staggering £233.48 a year on pocket money
- 31% of children are saving their pocket money
- Children now feel the pressure to have the best of everything with 1 in 5 saying their family income is a cause of pressure with their friends
Children can be an expensive addition to any family – rocketing childcare and food costs are pushing parents to the edge financially. However, a new report from Provident reveals that children may also be taking the brunt of the pressure with 17% admitting they feel pressure to have a higher family income in front of their friends.
A new campaign titled ‘Kids Costing Logic’ by Provident has questioned 1000 UK kids from the ages of 5-12 and their parents, revealing how much children believe things cost and their attitudes towards family finances.
Generation Z feeling financial pressure from as young as 5
It seems that the newest generation might be the most financially stressed yet, with almost a quarter (24%) of 8-9 year olds feeling the pressure to wear designer clothes.
Over 16% of 5-7 year olds admit they feel pressure to have the latest gadgets.
1 in 10, 10-12 years olds admit that they feel pressure to having a bigger/nicer house in front of their friends
With social media and a connected world changing the landscape of childhood, it seems that children may be taking on more than the older generation with the below table revealing their top pressures
|5-7 years of age||8-9 years of age||10-12 years of age|
|Money/ how much money your family has||11.82%||17.63%||20.66%|
Kids costing logic
8 out of 10 UK parents educate their children about money, almost 1 in 2 (48.5%) would be happy to get more help in teaching their kids about managing their finances.
When it comes to costing up goods it seems that children still have a lot to learn.
Children believe that their parents earn £5,482.87 a month, and have set themselves the target of earning £5,900 a month when they’re older.
Provident interviewed children from the ages of 5-12 asking them to state the costs of daily goods and the comical results can be seen in the video at https://www.providentpersonalcredit.com/kids-costing-logic/
Pocket money reaches £233.48 a year
An effective way to start making kids money-responsible is by giving them pocket money. 77% of children currently get pocket money, with the average amount being £4.49 per week.
It may come as a surprise to hear that 31% of children like to save their pocket money and 10% spend it on their phones!
The below table shows the average expenditure of children’s pocket money in the UK:
|Item||% of children spending their money on the said item|