Money-conscious children now hold their own purse strings when it comes to shopping – with a potential spending power of over £1.5 billion* a year.
Bristol youngsters could be the silver lining to the nation’s recession cloud as new research from TK Maxx reveals that the failing economy has actually helped parents in Bristol nurture a new generation of highly savvy, money conscious young shoppers.
Children of primary school age are now managing their own personal income with nearly half (49 per cent) spending, on average, around £365 a year on clothes alone, and those in Bristol are no exception.
But far from thoughtlessly splashing their cash, nearly two thirds (61 per cent) of 5-11 year olds in Bristol meticulously save up their pocket money and cash received from relatives for Christmas and birthdays, stocking up their piggy banks so they can support their personal purchases.
Born out of the recession these children have grown up with an eye for a deal, using knowledge and financial know-how garnered from their parents to ensure they spend their money wisely.
Most Bristol Mum’s and Dad’s (90 per cent) believe they have an obligation to the younger generation and the future economy to instil these values in their offspring.
It’s therefore no surprise 56 per cent of parents in Bristol agree their kids have a greater awareness of money than they did when they were young, with nearly two thirds (61 per cent) boasting that their children are exceptional bargain hunters.
According to the TK Maxx Young Shoppers study these good money morals are being put into practice by Bristol kids, as follows:
· Four in five (83 per cent) 5-11 year olds know how to spot a deal
· Over two-thirds (73 per cent) of children carefully check the price on labels before making a decision
· Two thirds of primary school kids (67 per cent) go as far as adding up the cost of their shopping trip
· 37 per cent of kids replace items with something cheaper if they go over budget
In response, Bristol kids are enjoying a newfound responsibility, independence and opportunity to shape their own style with over a quarter (27 per cent) as young as five being the key decision maker when buying their clothes.
As 92 per cent of parents prepare to hit the Bristol high street for the back to school shopping rush, more than four in five (90 per cent) will use the opportunity to teach their children basic numeracy skills, asking them to add up and subtract the cost of their purchases and work out discounts.
Parents in Bristol also use shopping trips to instil appreciation and good spending habits in their young ones by:
· Communicating that some item(s) are too expensive (88 per cent)
· Teaching their kids to appreciate what they’ve been bought by saying ‘thank you’ (75 per cent)
· Telling them the price of items before buying them (71 per cent)
· Ensuring their kids earn their purchases through carrying out chores (41 per cent)
· Limiting their child to a number of items per shopping trip (25 per cent)
Two-thirds of all parents agreed Bristol Mums are responsible for this change in financial attitudes, teaching their children the value of money (59 per cent) compared to nearly a third (31 per cent) who put the same level of trust in Dads.
In a live experiment conducted at TK Maxx stores, children revealed their savvy shopper credentials – repeatedly seeking out the best and most attractive fashion deals to ensure they got more bang for their buck. The focus group supported research findings that just over half (55 per cent) of Bristol children like to spend their money on t-shirts and accessories (61 per cent).
Mrs Moneypenny, presenter of Channel 4’s SuperScrimpers, who hosted the experiment said, “Given the current economic climate it is refreshing to see that parents are instilling such good money values in their children, from as early as five years old. The tactics used to teach kids bargain hunting techniques makes learning and shopping fun whilst ensuring they get more for their money, making any budget go a long way.”
A TK Maxx spokesperson, said: “It’s interesting that no matter what age we are, as a nation we have developed a far more sophisticated and savvy approach to shopping. Not only are the younger generation of Bristol confident in establishing their own style, the research also shows they have a role in helping shape our future economy whilst learning how to save and manage their money from an early age.”
Filed Under: News