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article imageBritish kids as young as 8 lend money to cash strapped parents

By Darren Weir     Aug 11, 2012 in World
A British survey says children as young as 8-years old are lending money to their parents and are worried about the family finances.
Halifax Bank questioned 1,132 children across Britain, aged 8 to 15, and found 29 percent had lent money to their parents. A quarter of the 8-year olds surveyed say they had lent money to friends and a third of that group say they also gave mum and dad a loan.
The Halifax study also found that 58 percent of the kids are worried about their family's financial situation. The poll says children in London are the most likely to worry about money at 64 percent. And it seems the older they get, the more they worry. While 57 percent of 8-year olds say they never worry about it, the number drops to 47 percent for 11-year olds.
The Daily Mail reports Richard Fearon, head of savings at the Halifax Bank, saying, "It is concerning that children are becoming anxious about their parents' money worries. This highlights that children are really aware of the financial behaviour of the people around them." He adds, "By introducing positive saving and spending practices from an early age, children can get into habits that will help them to manage their money."
The Halifax Courier says the news follows a study for the Office of National Statistics last month, that found real disposable incomes in the UK had dropped to their lowest levels in nine years in the first 3-months of this year to reach £273 ($428USD) a week. The Courier says low wages, a high cost of living and high unemployment are putting the squeeze on the family budget.
More about Britain, halifax bank, Cash, Lend, Parents
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