Six in ten (61%) of 7-to-18 year olds in Wales say they have received no financial education lessons at school but nine out of 10 think learning how to save money is very important.
The Wales Children’s Omnibus Survey into the savings habits of children and young people commissioned by Principality Building Society also showed that Wales are a nation of savers. Almost a third (32%) said they save regularly, just under a half (48%) said they save sometimes, while a fifth (20%) said they don’t save at all.
Over three-quarters (77%) want to be able to buy things for themselves without needing to ask family for help, 75% say they’d like to be able to save now for the future, while over a third (35%) worry about not having enough money. Most children get their financial advice and knowledge from parents (76%).
Parents (76%) were the main source for giving children and young people cash. Almost a fifth (17%) receive £100 plus per month, a fifth (20%) receive £20-50 per month, while just under a fifth (18%) receive £5-10 per month.
Nearly two-thirds (60%) said they put their cash in a piggy bank or money box, whereas just under two-fifths (39%) said they put their savings into a bank or building society account.
The top five things 7-18 year olds said they saved for were: holidays/trips (30%), technology/gadgets (23%), toys or games (20%), clothes (19%), and presents for other people (18%).
This week, Principality Building Society is teaching financial education lessons at more than 30 primary schools across Wales to over 2,000 children as part of Talk Money, Talk Pensions Week (18-22 November 2019). This year alone Principality has helped more than 9,000 children across Wales with numeracy and money skills.
James Harper, Corporate Social Responsibility Manager at Principality Building Society, said:
“The children of Wales clearly would like to see financial lessons included as part of the education curriculum. It’s more important than ever to be teaching our children and young people about finances, giving them the knowledge and skills to both appreciate money and manage it effectively as they grow up. The teachers and students we work with across Wales tell us the value and enjoyment they get from our lessons about savings and finance.
“It’s clear from our survey results that it is down to parents and family to teach their kids about money. We need to create a more financially inclusive and capable Wales and teaching parents and their children about good savings habits is key if we are to achieve this.”