It is only natural for adults to have financial concerns at some point in their lives, as we have so many bills and responsibilities. However, our money concerns may be having a significant impact on our children.
According to the iGeneration Report, children as young as eight year olds are suffering from money worries, with many fearing the effects of student debt. The report asked 2,000 children between the ages of 8-14 to share their views on the common issues that affect their parents’ lives.
One in four of the children asked stated that they worry about their family’s finances – that’s nearly a quarter of the surveyed children! Not only that, but 12% of the children asked claimed they save their pocket money to help their parents, whilst 4% claimed they often said no to pocket money as they are aware of their family’s financial troubles.
The money troubles will not only affect a child’s happiness, but could also play a significant part in their future employment, as 21% of the children stated they would avoid university and get a job to earn money for their family.
Only 46% of the children surveyed stated that they wished to attend university after high school, as 15% of children under the age of 14 years old believe a university education would cost too much money. This could result in a shift in attitudes towards university education in the future.
Why are children worried about money? Financial circumstances are becoming more commonplace in media, with education costs often hitting the headlines or TV news stories. The influx of information may therefore be creating moral panics amongst young people, whilst previous generations were not exposed to such an extensive amount of information.
Perhaps educating children from a young age will create a more sensible society in the future, resulting in fewer people suffering from debt and turning to debt management programmes. However, it could create a generation of school leavers heading straight into paid employment instead of heading to university. Only time will tell.