Financial `age of innocence` over by seven

Today’s children have more money and are making financial decisions earlier than their parents’ generation, claims a report from pfeg (Personal Finance Education Group), an independent charity which ‘helps schools to plan and teach personal finance relevant to students’ lives and needs’.

According to pfeg, children make financial decisions from the age of seven – a full three years earlier than their parents did. They also have more money than ever before.

The report claims that children as young as seven are offering to do chores in return for cash – often to finance things like ringtones and mobile phones.

Wendy van den Hende, Chief Executive of pfeg: “Children today face a kind of ‘technological tipping point’ forcing them to develop financial awareness at an earlier age. It is therefore, vital, that they are equipped with the skills and judgment to make sound decisions about money management from an early age.”

“It’s good to see a new generation tackling financial issues early on,” said a debt expert for Think Money. “People who grow up with an awareness of the value of money are likely to be better equipped to make sensible decisions about earning and spending – and avoid debt problems in later life.”

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