Tag Archives: money and children

Peer pressure: the £6bn hidden cost of raising children?

Girls textingAs the school holidays come to a close, parents up and down the country are making sure they’ve bought enough stationery, school uniforms and so on ahead of another year of education for their children. 

But as well as the essentials, there’s often a hidden cost. New research* (from Sainsbury’s Bank) has found that almost half (48%) of parents feel they need to spend money on items for their children based on peer pressure, such as the latest smartphones, the trendiest clothes or the biggest parties.

This can add £865 to the average annual family household outgoings – making nearly £6 billion in total across the UK.

What are the main ‘peer pressure’ costs?
Not surprisingly, the desire to have the latest technology like phones or tablets tops the list (44%), with fashionable clothing (43%) and school trips/excursions (42%) next up.

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Jangle wins ‘Best Family App’ at #LBPawards2016

Jangle - LBP awards 2016We’re thrilled to announce that Jangle, Experian’s free children’s app, has won a Platinum award for ‘Best Family App’ at the 2016 LovedByParents (LBP) awards.

It also won a silver award for ‘Best Children’s App’ too.

LovedByParents is a parenting website offering news, pregnancy and parenting advice, articles, reviews and competitions, and their annual awards comprise several categories from travel accessories to feeding products.

What is Jangle?
Recognising the importance of helping children learn essential money management skills early in life, Experian and consumer champion and BBC ‘Dragon’ Sarah Willingham have partnered to develop Jangle, a free app which has been quality marked by pfeg (part of Young Enterprise).

Jangle is a great new and free app for children aged 7-11, that teaches children money skills in a fun and easy way while helping them save for the things they want.

It’s easy to use, and contains a wide range of exciting activities that you and your children can choose to do in order for them to learn about money, save money, and have a lot of fun in the process  – from baking cakes to planning journeys, from planning a party to hunting for bargains.

You can find out more about Jangle here, and you can download the Jangle app for iPad here.

Sarah Willingham: “Baking with the Bambinos”

Today we have a guest post from Sarah Willingham, BBC Dragon,  consumer champion and mum-of-four, about how she used Jangle to help teach her kids about money.

I am at my happiest in my kitchen, especially with my kids.  We LOVE to cook, bake and eat together. I don’t know a child who doesn’t love baking… even those who just want to lick the bowl at the end. So this weekend I set my little ones a challenge using Jangle, the free non-commercial iPad I’ve partnered with Experian and pfeg (Part of Young Enterprise) to develop.

The whole idea of Jangle is to get kids to do activities to earn money whilst working or learning. It’s full of pre loaded suggestions.  I did the ‘bake off’ and got the kids to hold a cake sale for the family.

Baking_Challenge_Pic Continue reading

Are you confident about teaching your child how to manage money?

Managing money well is a skill we all want our children to pick up, and in the same way that ‘charity begins at home’, so can financial management.

Research by Experian* has revealed that most (58%) parents are trying to take an active role teaching their children how to manage money well.


Video with Sarah Willingham: How do you teach children the value of money?

Over half (51%) of parents who give pocket money do so to help their children learn how to manage money independently. However, their good intentions are being undermined by a number of factors.

•              67% do not take a consistent approach in ensuring their children earn their pocket money; only ‘sometimes’ aligning it to doing chores.

•              42% of those surveyed (parents of children aged between 5-18years) admitted they did not try or were not managing to take as active a role as they would like

•              Of these parents, 36% struggled to find the time to take a more active role

•              A further 30% cite a lack of confidence, knowledge or suitable resources as factors that are holding them back.

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Understanding children’s behaviours and attitudes to money

DESIGN-418-attitudes-behaviours-mar16At what age do children really understand the value of money? Experian research* found that 65% of parents of 5-9 years olds are confident their child has a good appreciation of the value of money, while 69% think their child has a good appreciation of the difference between a necessity and a luxury.

However, by the time those children get to the 15-18 age bracket – a time when they are mostly spending money themselves and in many cases earning it – 20% of parents are not confident their child has a good appreciation of the value of money.

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Should children ‘learn to earn’ their pocket money?

Did you do the odd chore to earn your pocket money when you were younger? 

DESIGN-418-pocket-money-600Sarah Willingham, consumer champion, mum of four and BBC Dragon has called for British parents to rethink how they give pocket money to their children with Experian research finding that 85% of British children that receive pocket money don’t always have to earn it.[1]

Sarah told us: “Pocket money is often the first experience children have of managing money, and I’d like us, as parents, to take a more active role in teaching our kids the importance of earning their pocket money and saving for the things they’d like. Continue reading

What age do children develop their attitudes to money?

children-age-7-money-400Although financial education became a compulsory part of the secondary-school curriculum in England in 2014, some pupils are still missing out, particularly in primary schools.

University of Cambridge research, commissioned by the Money Advice Service, shows that by the age of seven children have developed their attitudes and values towards money – and these are likely to stay with them for life. Continue reading

Positive influence from parents leads to good financial habits

Parents often wonder exasperatedly if their offspring ever listen to their advice – but it appears that today’s young adults have learnt from the experiences of their elders when it comes to their finances.

Experian’s Millennial Me & My Money report found that 45% of Millennials – that’s 18-34 year olds – manage to save at least a quarter of their disposable income each month, compared to just a third (34%) of 35-55-year-olds (widely known as Generation X).

Millennial-Me-and-My-Money-Report_FINAL

Millennials who believe their parents have had a positive influence on their money habits have almost double the savings of those who say their parents had a negative influence.

See the full illustration of the Millennial Me findings here

However, those who say their parents have had a negative influence on their money management are more than twice as likely to have missed an agreed credit repayment, twice as likely to have been refused credit, and twice as likely to have run out of money before payday in the past. Continue reading

Helping children better understand the value of money

Although financial education became a compulsory part of the secondary-school curriculum in England in 2014, some pupils are still missing out, particularly in primary schools.

Research commissioned by Money Advice Service shows that by the age of seven children have developed their attitudes and values towards money, which are likely to stay with them for life.

Watch our new Credit Café video below, where we discuss financial education in primary schools

Indeed, children are likely to get their first mobile phone by the age of eight and begin online shopping by the age of 10.  So we can see it’s increasingly important to help children better understand the value of money at the earliest opportunity.

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Helping the young to develop vital money skills

It's never too early to learn about good finance tips

It’s never too early to learn about good finance tips

My Money Week, which runs from 8-14 June, is a national activity week for primary and secondary schools which aims to help young people gain the skills, knowledge and confidence in money matters they’ll need to thrive in today’s society.

It’s the brainchild of the Personal Finance Education Group (pfeg), which helps teach children to understand money and how to manage it.

For the past two years Experian has partnered with pfeg on a project to help primary school children improve vital money skills.  In this time, the project has transformed numerous primary schools around the country into national Centres of Excellence for financial education, helping more than 12,000 pupils, parents and teachers improve their money skills. Continue reading