Financial and Monetary Systems

Even 5 years-olds feel financial pressures

Students play after school, one with his iPad and the other with an old fashioned toy crane wagon, at the Steve Jobs school in Sneek August 21, 2013. The Steve Jobs schools in the Netherlands are founded by the O4NT (Education For A New Time) organisation, which provides the children with iPads to help them learn with a more interactive experience. REUTERS/Michael Kooren (NETHERLANDS - Tags: SOCIETY EDUCATION SCIENCE TECHNOLOGY) - RTX12S80

A poll by Provident Personal Credit found that 12% of 5-7 year-olds feel pressure about how much money their family has. Image: REUTERS/Michael Kooren

Lindsay Dodgson
Reporter, Business Insider
Share:
Our Impact
What's the World Economic Forum doing to accelerate action on Financial and Monetary Systems?
The Big Picture
Explore and monitor how Financial and Monetary Systems is affecting economies, industries and global issues
A hand holding a looking glass by a lake
Crowdsource Innovation
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:

Financial and Monetary Systems

When you were a child, you probably didn't have much of an idea of how much things cost.

Reality dawns on us more severely as we get older, when we encounter things like rent, bills, and the general cost of living.

However, according to a new poll by Provident Personal Credit, those as young as 5 years old may be feeling financial pressures.

1,000 UK children aged 5-12 were asked about how much they thought things cost and their attitudes towards family finances.

When it came to how much money their family has, 12% of 5-7 year-olds said they felt pressure about it, compared to 18% of 8-9 year-olds and 21% of 10-12 year-olds.

Have you read?

One in five of the children surveyed overall said their family income was a cause of tension with their friends, with 10% of 10-12 year-olds saying they felt the pressure to have a bigger or nicer house in front of their peers.

More than 16% of 5-7 year-olds said they feel like they have to have the latest gadgets, and nearly a quarter (24%) of 8-9 year-olds felt pressure to wear designer clothes.

However, it seems that children still don't quite have a grasp on how much things actually cost, as the video below shows. On average, the children set themselves a target of earning £5,900 a month when they grew up.

Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

Sign up for free

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Related topics:
Financial and Monetary SystemsHealth and Healthcare Systems
Share:
World Economic Forum logo
Global Agenda

The Agenda Weekly

A weekly update of the most important issues driving the global agenda

Subscribe today

You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.

Bank of England holds interest rates steady, and other economics stories to read this week

Joe Myers

June 21, 2024

About Us

Events

Media

Partners & Members

  • Join Us

Language Editions

Privacy Policy & Terms of Service

© 2024 World Economic Forum