MUMS are trying to teach their kids a host of money saving tips from an early age – including saving ‘little and often’, cutting down on car use – and learning to cook at home.
A poll of 1,000 UK mums with children aged six to 17 found 79% were trying to pass on money-saving tips and tricks to their children as they grow up.
A poll has found 79% of mums are passing on money saving tips to their children
Having them earn money through chores (36%) and visiting charity shops for designer gear (20%) were popular ways children were being taught the value of money.
Other money-saving tips mums intend to pass down include buying in bulk (16%) and buying a second-hand car instead of a shiny new one (17%).
A spokesperson for Revolut, which created Revolut <18 to help children and teens feel positive and empowered about money and commissioned the study, said: “Money saving tips from a young age are very important.
“Sharing quality time with one another to pass on good financial habits sets a child up for life.
“Setting a regular ‘pay day’ and ‘challenges’ for pocket money are great ways to challenge young people to complete tasks in order to receive their earnings.”
The study also found 12% have told kids the supermarket ‘secret’ of shopping at late hours to pick up discounted products.
More than four in 10 (44%) live by the adage that if they can’t afford to buy something three times over, they can’t really afford it.
But 43% remember picking up financial tips from their own mother when they were younger – while 25% got them from their father.
The vast majority of respondents (86%) believe it is their responsibility to pass down money saving tips and tricks to their children.
While 41% often try to teach children about the value of money, according to the OnePoll figures.
As a result, 42% believe their young ones are at least somewhat canny when it comes to cash – although 8% are still ‘very unsavvy’.
But despite the cost-of-living crisis, 73% have not changed the amount of cash they hand out in pocket money each week – with the average parent shelling out £6.36.
A spokesperson for Revolut, added: “Our survey revealed cashback services are one of the most popular ways to save money, which 28% of mums use.
“Furthermore, we’ve seen a 180% increase in the number of customers using Revolut Rewards for cashback on everyday spending.
“It’s heartening to see from our results that not only are mums keen to hand down money-saving tips, but they have a great list of ways they’re doing so.
“If the young teens of Britain take half of these tips to heart, they’ll be set up on a really strong footing for the rest of their lives.”
25 money-saving tips mums are passing down:
Using discountsHaving the heating on lessSaving little and often – e.g. a pound a weekCutting back on meals out and takeaways and cooking at home more oftenUnplug everything at home when not in useCycling/walking over taking the carMoving money into savings on paydayUsing cashback servicesRounding up spare change for your savingsMending clothes rather than buying new onesBuying a second hand car instead of a new oneUsing different accounts to create money pots for different things you might want to save forChecking your account balance everydayBuying in bulkShop at late hours to get discountsDon’t always flush the toiletNot spending one day of the weekMaking small payments via credit card and paying it off straight awayWash glasses first to save on changing water when washing upTransferring money to someone else’s account so you can’t spend itGo at least a year without buying clothes or shoesCut your own hairGet condiments from fast-food restaurantsReuse tea bagsTurn off your car engine at red lights Read More