Children are as Financially-Savvy as their Parents
Latest research from PKTMNY, pocket money for the digital age, has found that 87 per cent of eight to 16-year-olds believes saving money is important. Surprisingly, this makes children as keen to save as their parents. Of this group, two out of three children believe saving is important when they have a goal.
The study demonstrates how financially savvy children reflect their parents’ views. Three quarters of children say they feel in control of their money, the same proportion as parents. This varies according to age with two thirds of those under 10 likely to feel in control of their money, compared to four out of five of 14-15 year olds. An overwhelming majority (88 per cent) of children say they learn about money from their parents.
Dr Elizabeth Kilbey, Clinical Child Psychologist, said: “The PKTMNY research shows 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 work towards. The challenge for us as parents is how to engage our children in the right way, so that we can help them link spending and responsible behaviour and, in so doing, learn the value of money.”
“There is a striking difference between how an eight to nine year old thinks about money and those 12 and over. Starting secondary schools begins the process of learning the importance of having money
Children are upbeat about spending, as well as saving, with four in 10 saying they felt positive about spending on items they wanted. In contrast, only a quarter of parents felt the same with one third saying they felt worried they could not afford what they wanted to buy.
In fact, children have overwhelmingly positive associations with money. Two out of three felt happy when someone said the word money to them. Again this varies according to age, with eight to nine-year-olds most likely to feel happy when asked about money, falling to only 65 per cent of 14 to 15- year-olds. In contrast, only a quarter of parents felt happy when asked about money, with one in five saying they felt instantly unhappy when someone says the word money.
Mark Timbrell, CEO and Founder of PKTMNY said: “The study confirms what we as parents instinctively know that our children feel positive about money and generally want to be sensible with it. They look to us to learn about how to manage, save and spend it.
“Yet for most parents, it’s difficult to know where to go to find the right tools to help. There is a need to embrace the internet and latest technology to create a way for children to learn about money. We believe, as our research has shown, that parents are best placed to teach children about money.
“We created PKTMNY to provide a way for children to learn the value of money by doing, using money in a safe, secure environment that is appropriate for them and reflects how they see money being used. If we get it right, we’ll equip our children with the skills they’ll need for the future.”
Dr Kilbey added: “There is a striking difference between how an eight to nine year old thinks about money and those 12 and over. Starting secondary schools begins the process of learning the importance of having money, and being able to buy the things you want.
“This makes it so important that parents find a way to tackle conversations about money early on, to create a positive link between saving and spending to develop sound money habits. Using interactive tools, like PKTMNY, can make money visible and tangible to a child which is a great place to start.”
Launched this November, PKTMNY has been designed for children to take their first steps into managing their own money in a safe and secure environment that parents personalise. It has been created by parents for parents and their children to make money, saving and spending visible and engaging for families, and in doing so, improve financial understanding and awareness around the value of money.
PKTMNY provides children with a contactless prepaid Visa debit card which parents can personalise for their child by setting controls on where and how much they can spend. It is the first card of its kind to have this functionality and is linked to an online platform, featuring interactive age appropriate tools that make managing, saving and spending money fun and engaging for children.
Android and iOS apps will be coming soon to enable parents to directly top up money into their children’s account and allow children to view their balance on the go.
For more information or to register http://www.pktmny.com
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