New research from HSBC UK has identified a generation of young savers interested in becoming more financially literate.
More than half of youngsters (51%) aged 6-14 feel it is important to save money for the future, with 55% aspiring to own a house, according to the survey conducted by YouGov on behalf of HSBC UK.
The new insight comes as HSBC UK re-launches its children’s book, ‘Fairer Tales: Princesses doing it for themselves’ in partnership with professional tennis player, Emma Raducanu.
The research found six in ten children (61%) said if given a £5 note they would either save it by putting the cash in their moneybox (50%) or asking their parents to look after it (11%), while only 12% of respondents said they would spend it right away.
The research revealed differences in attitudes towards finances between boys and girls; two thirds (66%) of girls think it’s crucial to learn about money management compared to 58% of boys, but over half (52%) of boys said they wanted to be rich when they grow up versus just 39% of girls.
While 55% of children surveyed said they want a well-paid job, the findings showed differences in how they aspire to get there, with four in ten (40%) boys wanting to run a business or invent something, compared to just 20% of girls.
When it comes to attitudes of parents, half of those surveyed (50%) believe financial education should be taught in schools, but only six per cent said their children had regular lessons on the topic. Many parents are being more proactive at home with two thirds (64%) talking to their kids about how much everyday items such as groceries cost, and over half of parents (53%) emphasized the importance of children learning to use bank cards, apps, and websites safely (50%).
Fairer Tales is based around a set of reimagined fairy tales where princesses use their financial knowledge to solve their problems and save themselves. In one story Cinderella sets up her own business designing sports trainers and becomes a successful business owner.
The book, which is aimed at boys and girls aged four to seven years old, challenges traditional gender stereotypes in the fairy tales, showcasing the potential of women and girls to achieve their financial goals independently. Emma Raducanu has written the foreword in the book and has recorded a reading of the story which will be launched on You Tube and hosted on the HSBC UK website.
Emma Raducanu, Global Brand Ambassador, HSBC said: “It’s really important that girls and boys learn they can achieve their dreams and aspirations independently including solving problems for themselves to create a healthy financial future.
“I’m really supportive of this campaign for children to learn about financial literacy and build their independence. Just as in sports where knowledge and strategy are key to success, understanding money and finances is super important for every child’s future.”
Jose Carvalho, Head of Wealth & Personal Banking, HSBC UK, said: “With just over a quarter of parents saying their children receive financial education at school, we hope that Fairer Tales will open up discussion within families about money, as well as fostering a confidence and interest in personal finance, helping make it easier for people to talk to children about money.
“Through our outreach work in schools where copies of this book will be housed in school libraries and through running our financial education classes in schools across the country – we hope to inspire children to grow up feeling prepared and empowered to take control of their financial futures.”
The book, which is free, is being distributed to over 900 schools who are part of the HSBC Financial Education Network. It is also available as an e-book and a video of the story which is read by Emma Raducanu is available online.
