33% of children worry about money, claims Halifax

16th July 2016

According to the latest Halifax pocket money survey, 33% of 8 to 15-year-olds worry about money.

Despite boys receiving 12% more pocket money than girls (£6.93 versus £6.16), they are much more likely to worry about money (37% versus 30%).

Twelve months ago, there was no great gender divide, with just 1% difference in the amount of boys and girls who worry about money, and boys receiving just 2% more pocket money than girls (£6.25 versus £6.14).

Those in Greater London have finances on their minds the most, with 54% worrying about money compared with just 27% in Wales and the West of England.

Parents are clearly aware of their children’s money worries, with 33% admitting that their children worry about money. Around 52% of parents living in Greater London think their children worry compared with just 22% in Wales and the West.

However, parents are starting to feel more confident when it comes to teaching their children about finance. Approximately 83% say they feel comfortable talking about money with their children, up from 76% in 2015.

When it comes to improving their knowledge of banking, 63% of children want to learn about bank accounts and 26% want to increase their knowledge of credit cards. This rings particularly true for children based in London, where 39% want to know more about credit cards compared with 19% in the North East, Yorkshire and Humber.

Giles Martin, head of Halifax Savings, said: “It is concerning that one in three children worry about money. This is likely to be a reflection of young people picking up on their parents’ financial anxieties and shows how money issues continue to affect many families. Boys seem more switched on to these concerns as, despite receiving significantly more pocket money than girls, they are now more likely to worry.

“It is encouraging, however, that parents are now more comfortable talking to their children about money. With nearly two-thirds of children keen to understand more about banking, it is clear these conversations are appreciated.”