Eight to 16-year-olds are twice as likely as parents to prefer money rather than a gift item this Christmas, according to new research from PKTMNY, pocket money for the digital age.
PKTMNY found that two thirds of children said they wanted money this Christmas in contrast to two in five parents. This rises to four in five 14-16 year olds who would prefer to receive money this Christmas.
While some may feel guilty for giving their loved one money, not only do children prefer it but three out of five eight to 16-year-olds think it is positive they increasingly receive gifts as either a voucher, e-transfer, cheque or cash.
To help families this Christmas there is PKTMNY, pocket money for a digital age, which helps children manage their own money, saving and spending in an online environment controlled by their parents.
This includes being able to set up a wish list, which relatives can be invited to gift towards by making a bank transfer. Any gift is sent with a personal message so that the child knows who it is from and they can reply to say thank you.
Giving in this way is not only easier, but also helps the child learn basic financial skills, including saving before spending.
Mark Timbrell, CEO and Founder of PKTMNY said: “Christmas is one of the happiest but conversely most pressured times of the year for families as we do all we can to buy the right gifts for a loved one.
“Increasingly, we give money but often with a sense that a gift would have more value. In fact, as our research shows, children prefer being able to write a wish list and then put any gifts they receive towards achieving their goal.
“Giving this way then ensures your loved ones receive what they want while most importantly becomes a powerful way of helping a child learn to save before spending,” he said.
The preference for money as a gift is in part because children want to be able to get what they want, rather than be surprised. Two in five eight to 16-year-olds want their families to only buy from a wish list as compared to one in five parents.
Clinical Child Psychologist, Dr Elizabeth Kilbey, said: “We all know how fraught Christmas can be because of the stress associated with gifting. Children, parents and relatives alike want to get the right gift yet aren’t seen to be opting out of spending time choosing it.
“The PKTMNY research shows that children are entirely pragmatic about gifting and enjoy the anticipation of preparing a wish list then being able to combine what they receive to buy what they’ve hoped for. This not only ensures that they are getting what they really want, but they have been able to take control over their own money and learnt a valuable lesson in money saving and spending.”
Launched this November, PKTMNY has been designed for children to take their first steps into managing their own money in a safe and secure environment that parents can control and personalise. PKTMNY has been created by parents for parents, and their children, to make money, saving and spending visible and engaging for families, and in doing so, improve financial understanding and awareness around the value of money.
PKTMNY provides children with a contactless prepaid Visa debit card which parents can personalise for their child by setting controls on where and how much they can spend. It is the first card of its kind to have this functionality and is linked to an online platform, featuring interactive age appropriate tools that make managing, saving and spending money fun and engaging for children.
For more information or to register http://www.PKTMNY.com
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Shabana Adam @Shabs_A