Do children know the value of money?
Equifax research highlights that a third of parents feel pressured to buy the latest technology for their children
In support of the tenth annual My Money Week1 (11-17 June 2018) Equifax has partnered with Young Enterprise in order to equip young people to grow-up with the life skills, knowledge and confidence they need to successfully earn and manage money. This year, Equifax will be the sole sponsor of its national competition, the theme of which is young peoples’ ‘needs and wants’. The aim is to explain the financial decision making process in a fun and interactive way to engage pupils.
Underlining the need for broader awareness amongst young people of the cost of the things they want – and how they might be financed - the credit information provider has released research which reveals that a third of parents admitted feeling pressured by their child to buy them the latest technology, and 35% felt pressured to buy fashionable clothing for their children.2
My Money Week is a national activity week for primary and secondary schools that provides a fantastic opportunity for young people to gain the skills, knowledge and confidence in money matters to thrive in society.
“Our findings suggest that some parents are feeling under pressure to spend on their children when they may already be financially stretched,” explains David Stiffler, Vice President of Global Corporate Social Responsibility at Equifax. “As well as spending money on technology, nearly a quarter of parents said they have been put under pressure to keep up with the latest gaming devices and online apps, and a further 29% said their child pressured them to buy the latest toy craze.
“More than ever before, Equifax is committed to making a difference to the communities in which we live and work and My Money Week is a fantastic opportunity to encourage both parents and schools to help the younger generation appreciate financial values. The right attitude about money management starts at home so it is very encouraging to see a campaign that will teach children more about managing money in a way that is practical and relevant to them.”
The Equifax research also highlights how 11% of parents will spend between £51-£100 just on technology such as tablets, laptops and smart phones, for their child every school year. A further 10% admit to spending between £151- £200.
Russell Winnard, Head of Educator Facing Programme and Services at Young Enterprise, said, “It is important to have the right foundations from an early age to ensure that young people continue to manage their money well throughout their life. The aim of My Money Week is to improve financial capability for young people in primary and secondary schools. It’s all about teachers and parents inspiring young people to be financially literate, and the statistics from Equifax demonstrate just how important it is to learn about finances from an early age.”
To help parents keep control of their budget, Equifax has added an interactive Equifax Budget Planner to the tools on its website.
The My Money Week 2018 National Competition for Schools is supported by Equifax. All of the challenge materials can be downloaded now.
2 Equifax Survey- 08.08.2017-22.08.2017- 2000 parents of children aged 4-16 who attend school
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Equifax Inc. (Equifax) is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs 10,400 employees worldwide.
Equifax Limited is one of the Equifax group companies based in the UK.
Equifax Limited is authorised and regulated by the Financial Conduct Authority.