How Kids Became Real Financial Managers

2023-05-28 08:47:36

Make no mistake regarding it: children are real little consumers! Knowing very well that money doesn’t grow on trees, they also have a better and better understanding of financial issues, beyond simple pocket money.

This is what emerges from successive studies carried out by Harris Interactive for the French Banking Federation among 8-14 year olds, questioned during the Financial Education Week which takes place every year in the spring.

In fact, 48% of children surveyed in 2023 need someone to explain to them how a bank account works, compared to 57% in 2019. Similarly, only 37% now express a lack of knowledge regarding the bank card (- 5 points) and 30% for an ATM (- 4 points).

This is not so surprising when we know that the first purchase is now made on average at the age of 9 and that more than one child in two has already bought a product on the Internet at the age of 10 and a half, 12% without the authorization of an adult (+ 6 points compared to 2019).

More than one child in two has already bought a product on the internet at the age of 10 and a half (including 12% without the authorization of an adult) – iStock

More broadly, our little budding consumers make an average of two purchases per month, whether for candy, toys, video games, books or even clothes.

But the youngest also have the notion of savings since 50% of the children questioned put the money received aside, while 47% spend it and 3% share it.

Similarly, they are well aware of the general increase in prices since 69% plan to buy second-hand items to pay less. They are also 78% to wait for sales and 73% to select the place where they will get the best price. Finally, 32% buy to resell at a higher price.

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