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Children as young as five are learning the value of money
Primary school children are now worth £1.5 billion a year to the British economy, as parents are giving them greater control over their pocket money
According to new research from TK Maxx, the failing economy has in fact helped parents teach their children how to look out for a bargain. Children as young as five are now managing their own money with over half spending, on average, around £365 a year just on clothes. Nearly 60% of 5-11 year olds save up their pocket money and cash received from relatives for Christmas and birthdays. More than one in two 5-11 year olds know how to spot a deal and over two-thirds (68%) of children carefully check the price on labels before making a decision.
In a live experiment conducted at TK Maxx stores, children revealed their savvy shopper credentials - constantly seeking out the best fashion deals. The focus group supported research findings that over two thirds (64 per cent) like to spend their money on t-shirts and accessories.
SuperscrimpersMrs Moneypenny, presenter of Channel 4’s SuperScrimpers, who hosted the experiment said, “Given the current economic climate it is refreshing to see that parents are instilling such good money values in their children, from as early as five years old. The tactics used to teach kids bargain hunting techniques makes learning and shopping fun whilst ensuring they get more for their money, making any budget go a long way.”
A TK Maxx spokesperson, said: "It’s interesting that no matter what age we are, as a nation we have developed a far more sophisticated and savvy approach to shopping. Not only are the younger generation confident in establishing their own style, the research also shows they have a role in helping shape our future economy whilst learning how to save and manage their money from an early age.”
Research Bods interviewed a random sample of 1,500 adults aged 18+ and with children of primary school age (5-11) in GB online between 25th and 31st July 2012. Surveys were conducted across the country and the results have been weighted to the profile of all Great Britain. To support the field research an in-store focus group was hosted at the TK Maxx Hammersmith store on Tuesday 31st July 2012 with six children between the ages of 5-9 taking part. Each child was given £30 vouchers to spend in-store on clothing and accessories, with Mrs Moneypenny observing their shopping habits and relationship with parents during the shop trip.
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