New research has revealed parents in the North East have felt the most encouraged by the cost-of-living crisis (96%) to discuss finances more openly with their children.
Legal and General surveyed 2,000 parents aged 21 and over with children between the ages of 6 and 16 across the UK to find out how parents approach teaching their children financial literacy.
As the cost-of-living squeezes household budgets, the survey examines how families approach teaching their children important financial lessons and shares the perspectives of parents from widely varying demographics and regions.
While more parents have been encouraged to discuss finances with their offspring, half of respondents in the North East don’t feel today’s generation are well informed about money matters. In this, a majority of parents believe financial lessons should be taught at school and at home (88%) – and 90% felt it was important to teach children financial lessons from a young age.
Even though money is tight for many families, our survey suggests that parents are still happy to introduce a range of subjects and solutions when it comes to demystifying all things ‘money’.
Subsequently, 50% of parents have debit cards for their child, rising to over 60% of respondents by the time their child became a teenager at 13 years old.
70% of parents also give pocket money to children aged 6 years old, increasing to 89% amongst children aged 16. Regionally, parents in the North East were the most likely to do so (90%).
Paula Llewellyn, CMO and Managing Director at Legal and General Retail comments:
“At Legal & General we support financial education at all ages – you’re never too young or too old. It’s great to see parents feeling empowered and willing to discuss money matters as a family. Teaching children the basics of money management, like budgeting and saving early on is an investment in their future.
“Parents and teachers alike are well placed to equip children with essential life skills that will help them achieve financial success later in life. This is especially important in the face of a cost-of-living crisis. There’s no better moment to consider how you pass on vital knowledge to your children and set them on course for a secure financial future.