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
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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.

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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.

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