• Children fear being in debt
    • By: DARREN ESTWICK
      3360

      Children are as worried about falling to debt as they are about being the most popular person in school a new survey has revealed.

      Abbey Banking have produced a study that has concentrated mainly on 11 to 15 year olds. The research has shown that children within this demographic are scared stiff about falling into debt and being poor when older.

      300 children were surveyed and more than one in five (21%) said that they worried about their future finances compared to 15 per cent who were worried about more trivial things related to their age.

      Amongst the nation's 12 year olds, fears about future wealth and falling into debt eclipsed concerns about exams (25 per cent versus 19 per cent) whilst 11 year olds were equally likely to be worried about exams as they were falling into debt and being poor (23 per cent)

      Director of Abbey Banking, Steve Shore commented: ‘‘the news is fairly extreme and shows just how much information children absorb. Parents can calm their children's fears on issues such as house prices and concentrate on teaching their children good financial habits such as saving their pocket money.

      Kids should also be taught about products such as current accounts as this will hold them in good stead for later years and helps teach them to manage their money and spending early."

      In a sign of the times Abbey have looked to allay fears for these pre teens by offering competitive rates to open an account.

      Shore continued: "Young people with Abbey accounts can add six per cent interest to their money, which is one of the highest rates out there. We pay six per cent interest on balances up to £500. All 11-15 year olds need to do is credit the account each month with at least one payment of any amount. 16-18 year olds need to pay in at least £50 during the course of a month."

      The world has not completely lost its mind however; the survey revealed the top stress for young Brits was failing important exams.

      Darren has more artiles pertaining to debt as well as other finance related aritcles.