Children prefer piggy banks
Updated on 22 October 2007
Children prefer to save cash in a piggy bank than trust their parents to keep their money safe, a survey said.
Only 18% of seven to 11-year-olds said they would trust their parents to save for them, while some worried that mum and dad would spend the money by mistake.
But 42% of pupils said they saved in a traditional piggy bank or money box, the poll for the Personal Finance Education Group (Pfeg) and HSBC Bank found.
Overall, three-quarters of the age group said they were saving money, while one in 10 were putting money to one side for university, a house or a car in the future.
HSBC Bank and Pfeg have launched a primary school education scheme, What Money Means, to teach children in every primary school in the country about managing their finances.
Wendy van den Hende, chief executive of Pfeg, said: "Even by the age of seven, children are aware of the impact of money in their lives.
"Learning how to respect and manage money in their early years will give them the confidence to make responsible financial decisions as adults."
Dyfrig John, from HSBC Bank, said young children need a "basic framework for making financial decisions".
:: Educational consultancy EdComs questioned 1,369 children aged between seven and 11. Follow up focus groups were conducted with pupils in Birmingham, Bristol, Surrey and York.
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