81% of children worry about family not having enough money, research finds

Nearly one in five children worry a lot about their family having insufficient funds, according to financial education app GoHenry.

Research found 81% of children worry about their family not having enough money (PA) (PA Archive)

Around four in five (81%) children worry about their family not having enough money, a survey has found.

The research, commissioned by children’s debit card and financial education app GoHenry, also found nearly one in five (17%) youngsters worry a lot about their family having insufficient funds.

Some 2,000 young people aged six to their late teens were surveyed, along with 2,000 adults.

As the cost of living surges, parents appear to be in tune with their children’s concerns.

Just over four-fifths (82%) of parents believe their child worries about their family not having enough money, with 13% saying their child worries a lot.

Rather than shielding kids from financial issues, get them involved with small day-to-day decisions

Louise Hill, GoHenry

Two-fifths (41%) of children believe they are better at saving money than their parents – and a quarter (25%) of parents agree.

Nearly half (48%) of 10-year-olds surveyed think they are better at saving money than their parents.

Louise Hill, co-founder of GoHenry, said: “While it can be a daunting subject to approach with kids, the current crisis provides a good opportunity to start conversations around money at home.

“Rather than shielding kids from financial issues, get them involved with small day-to-day decisions like checking receipts after your food shop or shopping around for better deals.

“The more you can teach your kids about money and help them to understand the wider cost of living situation, the less worried and more future-proof they will be.”

GoHenry offers in-app, gamified money lessons called money missions to help children improve their financial literacy, including basics for children as young as six and more advanced topics for children aged 12-plus.

Here are the percentages of children who said they worry about their family not having enough money, ranked from those who are most to the least likely to worry, according to the survey for GoHenry: 

1. East of England, 88%.

2. London, 84%.

=3. East Midlands, 83%.

=3. Northern Ireland, 83%.

=3. South East, 83%.

=6. West Midlands: 80%.

=6. North East: 80%.

=6. North West: 80%.

9. Wales, 79%.

10. South West: 78%.

11. Scotland: 75%.

12. Yorkshire and the Humber, 74%.