-

The Lloyds Bank Children & Money Survey

Over 90% of Children in Great Britain think it’s important to save money

A new poll, conducted by Lloyds Bank in association with YouGov asked children aged 8-15 in Great Britain about their attitudes to money and saving for the future

The Lloyds Bank Children & Money survey found:

  • More children in Great Britain would rather have lots of friends (56%) than lots of money (28%)
  • 59% would rather their parents/ guardians worked less hours and spent more time with them, but bought them less stuff
  • 28% of children aged 8 to 15 receive pocket money from their parents without having to do chores around the house
  • 1/3 of children aren’t currently saving for anything at the moment

Spend or save?

Over nine in ten children (91%) surveyed said they understood the importance of saving money. This was a fairly even split between boys and girls but interestingly the importance to save rose from 80% of 8 year olds compared to 95% of 15 year olds. As for setting a savings goal for a specific item, 61% of children are saving for something. Younger children seem to have something they want to save for more than other ages, with 68% of 10 year olds saving for an item compared to only 58% of 11 year olds.

More money or more time?

The survey found 59% of children in Great Britain would rather their parents/ guardians worked less hours and spent more time with them even if it meant they were bought less stuff. A cheeky 20% of kids in London would however prefer their parents/ guardian worked more meaning they spent less time with them but were able to buy them more stuff!

In addition 56% of children in Great Britain would rather have lots of friends than lots of money.

Talking about money

When it comes to talking about money with children, the survey found schools discuss the subject of why children should save for their future; however the majority of conversations on this topic are led by parents and guardians. Only 15% of children aged 8 to 15 in Great Britain have not spoken to their parents about finances before, compared to 49% of children who said they haven’t had these talks at school.

Banking early

Across the UK, 64% of children have a type of bank account, with nearly half being savings accounts (49%); closely followed by a current account (21%). When it comes to managing their finances, children in the East of the country are leading the way with nearly ¾ of them having a bank account (72%). 16% of children Great Britain know they have an account but not what type of account it is.

Looking ahead

We found children in Great Britain are nothing short of aspirational in regards to their future career plans. Scientists and footballers were the most popular answers, both scoring 9%. Interestingly, 43% chose to move away from the set answers of our poll and decided upon niche career paths. These ranged from inventors and marine biologists to You Tubers, a ‘wig stylist’ and simply ‘a star’.

Philip Robinson, Savings Director for Lloyds Bank said, “Our research shows children are aware of the importance of saving money. It’s great to see parents and guardians are having conversations with their children about money, and why they should save for their future.”

Notes:
All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 1,251 children. Fieldwork was undertaken between 22nd - 25th January 2016.  The survey was carried out online. The figures have been weighted and are representative of all GB children (aged 8 to 15).

Important legal information

Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No.2065. Telephone: 020 7626 1500. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We also subscribe to The Lending Code. Details can be obtained from www.lendingstandardsboard.org.ukVisit the Lending Standards Board website .

Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.

Save the Change® is a registered trademark of Lloyds Bank plc

PhoneBank® is a registered trademark of Lloyds Bank plc

Money Manager is provided to help you manage your personal finances and is not intended to provide legal, tax or financial advice. Personal Internet Banking customers only. Terms and conditions apply. Mobile Banking services may be affected by phone signal and functionality. Must be registered for Internet Banking. Terms and conditions apply.