Children want to learn more about banking

A report has found that children aged 8-15 want to learn more about bank accounts and credit cards

A survey of over 1000 children carried out for Halifax bank has shown that a high proportion would like to improve their knowledge of banking. 63% of respondents wanted to learn about bank accounts and 26% wanted to increase their knowledge of credit cards.

Children in London seemed particularly curious about credit cards, with 39% wanting to understand them more. This compares to just 19 per cent in the North East, Yorkshire and Humber.

Teaching children about the banking system seems to be a good idea, as almost one in five said they borrow money from others. 24% of 15 year-olds questioned had borrowed money compared to just 16% of eight year-olds. Boys were more likely to borrow money than girls (21% of boys versus 18% of girls).

Again there seemed to be a North-South divide, as 30% of children in Greater London are reported to be borrowing money, whereas only 14% of their counterparts in Scotland borrowed money.

29% of children asked are also willing to lend money to other people. As well as being more willing to borrow money, boys seemed more generous, with 32% willing to lend money to others, compared to 26% of girls.

DebtAware Education Manager Brian Souter said of the findings;

“This survey clearly highlights the importance of financial education, but also shows how much children are interested in learning about money management.

“We always find during our lessons that children display a real curiosity about the world of money and are very willing to gain new skills.”