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 percent were trying to pass on money-saving tips and tricks to their children as they grow up.
Having them earn money through chores (36 percent), and visiting charity shops for designer gear (20 percent), 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 percent), and buying a second-hand car instead of a shiny new one (17 percent).
A spokesman 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 percent have told kids the supermarket “secret” of shopping at late hours to pick up discounted products.
More than four in ten (44 percent) live by the adage that if they can’t afford to buy something three times over, they can’t really afford it.
And 43 percent remember picking up financial tips from their own mother when they were younger – while 25 percent got them from their father.
The vast majority of respondents (86 percent) believe it is their responsibility to pass down money-saving tips and tricks to their children.
And 41 percent often try to teach children about the value of money, according to the OnePoll figures.
As a result, 42 percent believe their young ones are at least somewhat canny when it comes to cash – although eight percent are still “very unsavvy”.
But despite the cost-of-living crisis, three-quarters (73 percent) have not changed the amount of cash they hand out in pocket money each week – with the average parent shelling out £6.36.
The spokesman for Revolut added: “Our survey revealed cashback services are one of the most popular ways to save money, which 28 percent of mums use.
“Furthermore, we’ve seen a 180 percent 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.”