Almost nine out of every ten British parents worry about money, a new study suggests.
In a survey of more than 500 parents and over 1,200 children, around a third of parents said they thought their worries were shared by their children. This was an accurate assessment as a third of all eight to 15 year-olds surveyed claimed they had similar concerns.
These numbers varied depending on several factors including gender and location. More boys worried about money than girls despite getting more weekly pocket money on average. While boys were given £6.93 per week, girls only received £6.16, yet 37 per cent of boys had money worries compared to only 30 per cent of girls.
Children in London were most likely to have concerns about money than anywhere else in the UK. More than half – 54 per cent – claimed they had such worries. Similarly, 52 per cent of London parents believed this was the case.
Despite these worries, parents have become more comfortable talking about financial matters with their children. Last year, a similar survey found 76 per cent of parents could talk about the subject but this rose to 83 per cent in 2016.
The survey was conducted by the Halifax bank. Giles Martin, head of savings, said it was “concerning” that so many children worried about finances. This was probably “a reflection of young people picking up on their parents’ financial anxieties and shows how money issues continue to affect many families”, he claimed.