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PPI claims: Children 'have money worries'

Many mothers and fathers could be concerned about how to pay off credit card claims or meet their bank charges, but research has indicated these issues could be impacting their children.

The annual Pocket Money Survey by Halifax found 58 per cent of people aged between eight and fifteen are anxious about cash, while 88 per cent think their parents worry about this issue.

Furthermore, 21 per cent of youngsters said these concerns take place "all the time", while only three per cent of children think their mum and dad "never" worry about finance.

While 57 per cent of eight-year-olds involved in the poll said they do not ever feel concern about cash, this drops to 47 per cent among 11-year-olds and just 34 per cent among those older than 12.

Parents could be more likely to be struggling to meet loan charges than people without children, with LV='s recent Cost of a Child report stating raising a person from birth to 21 currently costs an average of £218,024.

"By introducing positive saving and spending practices from an early age, children can get into habits that will help them to manage their money," head of Halifax Savings Richard Fearon said.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801427306-ADNFCR

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