Children have no concept of value of money, survey finds

05 April 2005
Children under ten have little idea of how much things cost and believe they have the right to toys on demand, a new report claims.

Almost half the 371 seven to ten year-olds interviewed by the Chelsea Building Society said they would ask their parents for toys, but few of them have any idea how much that gift might cost.

According to the research, 32 per cent of the children thought £20,000 or less would buy them a house - while three per cent of the little darlings believed they could purchase their home with just £200.

Kerri Morgan, senior investment marketing manager with Chelsea Building Society, told the Evening Standard that it was encouraging to see that 62 per cent of the children had some money in a savings account.

However, Ms Morgan urged parents to get their children thinking about money and learning its value as early as possible.

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