Growing interest in money a "positive step forward"

Tuesday, May 4th 2010

The recession may have had some positive effects and encouraged younger generations to take more interest in their finances.

According to David White, chief executive of The Children's Mutual, families are tending to discuss the economic downturn and children are asking about the meaning of phrases such as "the credit crunch".

"Children's growing interest in finances and money is a positive step forward and an important part of increasing understanding about money matters across the country," Mr White explained.

And parents could use this as a chance to encourage children to take note of financial issues, with The Children's Mutual offering a guide with advice on how to do so.

The comments follow research from Halifax stating more than one-third of youngsters think the time to take responsibility of their money is between 11-15 years old.

Some 69 per cent of children were found to be using a bank account opened for them by their parents.