Wednesday, February 18, 2009

Survey by experts indicates 'Children are out-smarting the grown-ups in high tech gadgets!!

Children today face a kind of 'technological tipping point' forcing them to develop financial awareness at an earlier age says Pfeg chief ex Pfeg chief executive Wendy van den Hende as reported in BBC News.

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Children 'more savvy' financially

girl using laptop
Children appear to be increasingly sophisticated about money

British children are more financially aware than their parents were at their age, a study suggests.

The Populus poll of 1,400 people for personal finance charity pfeg found 10-year-olds were shopping online using their parents' debit or credit cards.

Children as young as seven now offer to do chores in exchange for cash, whereas their parents were at least 10 before they worked for money.

Eight is given as the average age for a child to own their first mobile phone.

The survey found the average weekly pocket money is now £6.32, compared with £3.77 a week for their parents and the £2.38 a week their grandparents received, in equivalent money.

Computer games

The poll found that two in five of those aged seven to 15 (40%) had bought ringtones and games for their mobile phone and a quarter had voted in TV competitions.

Children are most likely to use the internet to buy computer games (32%), music (21%) or books (18%).

Almost a third (32%) felt under pressure to make financial decisions despite being so young, the charity said.

The online survey, carried out by Populus in January, involved 1,435 people, including 546 children aged seven to 15, 676 parents and 759 grandparents in England, Wales and Scotland.

Independent spirit

Pfeg chief executive Wendy van den Hende said: "Children today face a kind of 'technological tipping point' forcing them to develop financial awareness at an earlier age.

"It is therefore vital that they are equipped with the skills and judgement to make sound decisions about money management from an early age," she said.

"Many of the children involved in this study told us that making financial decisions helps them to feel more in control of their lives and it is precisely this positive, independent spirit that will support them in becoming effective money managers and responsible spenders as they grow up.

"It's up to us to nurture this spirit by teaching them the skills to handle money with confidence."

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