Money-conscious children now hold their own purse strings when it comes to Shopping – with a potential spending power of over £1.5 billion a year.
UK youngsters could be the silver lining to the nation’s recession cloud as new research from TK Maxx reveals that the failing economy has actually helped parents nurture a new generation of highly savvy, Money conscious young shoppers.
children of primary school age are now managing their own personal income with over half spending, on average, around £365 a year on clothes alone.
But far from thoughtlessly splashing their cash, nearly two thirds of 5-11 year olds meticulously save up their pocket Money and cash received from relatives for Christmas and birthdays, stocking up their piggy banks so they can support their personal purchases.
Born out of the recession these children have grown up with an eye for a deal, using knowledge and financial know-how garnered from their parents to ensure they spend their money wisely.
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."
Most Mums and Dads (71 per cent) believe they have an obligation to the younger generation and the future economy to instil these values in their offspring.
It’s therefore no surprise 60 per cent of parents agree their kids have a greater awareness of money than they did when they were young, with over half boasting that their children are exceptional bargain hunters.
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.”
Kids are enjoying a newfound responsibility, independence and opportunity to shape their own style with a quarter as young as five being the key decision maker when buying their clothes.
As 94 per cent of parents prepare to hit the UK high street for the back to school shopping rush, four in five will use the opportunity to teach their children basic numeracy skills, asking them to add up and subtract the cost of their purchases and work out discounts.
Parents also use shopping trips to instil appreciation and good spending habits in their young ones.
Almost two-thirds of all parents agreed UK Mums are responsible for this change in financial attitudes, teaching their children the value of money (62 per cent) compared to just over a quarter (27 per cent) who put the same level of trust in Dads.
In a live experiment conducted at TK Maxx stores, children revealed their savvy shopper credentials - repeatedly seeking out the best and most attractive fashion deals to ensure they got more bang for their buck. The focus group supported research findings that over two thirds like to spend their money on t-shirts and accessories.
Mrs 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.”
Tell us what shopping and money-saving tips you share with your children in the comments below or tweet us @FemaleFirst_UK
Shabana Adam @Shabana_FAM