Children 'expect to earn £1.5 million a year'
Youngsters typically expect to earn £1.5 million a year when they grow up and reckon a loaf of bread costs £15, according to a new survey from Halifax.
The bank's research on the money expectations of eight to 15-year-olds also revealed a gender gap in expected earnings, with boys believing they'll be paid £2 million a year, compared to girls who expect just £1.1 million a year. On average they expected to retire at the age of 56.
Despite these optimistic predictions, the survey also found four-fifths of parents insist their children understand the value of money, and 84% are confident teaching their children about money.
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Kids believe a pint of milk costs... £17
The research was based on 1,735 interviews with parents and children in Great Britain between 27 March and 13 April.
As well as asking about expected salaries, interviewers also children what everyday items typically cost. Here's what they said:
The cost of everyday items
| Item | Cost according to kids | Actual cost (1) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Loaf of bread | £15 | £1.06 | ||||||||||||
| Pint of milk | £17 | 44p | ||||||||||||
| Weekly food shop | £240 | £58 | ||||||||||||
| School uniform | £180 | £213 | ||||||||||||
| Holidays | £6,400 | £3,100 | ||||||||||||
| Car | £67,000 | £18,000 | ||||||||||||
| House | £485,000 | £222,000 | ||||||||||||
| (1) Based on data from the Office for National Statistics (for bread, milk and weekly food shop), the Department for Education (school uniform), Civil Aviation Authority (holidays), the cost of an entry-level Ford Focus for a car and the Halifax House Price Index (for a house). | ||||||||||||||
The researchers also asked about four salaries, and found the children expected the Prime Minister to earn £3 million, a Premier League footballer to earn £4 million, a doctor to earn £271,000 and their teachers to earn £110,000 a year.
Giles Martin, head of savings at Halifax, said: "Children who want to be a footballer or a doctor when they grow up may be in for a shock, but at least a loaf of bread is much cheaper than they thought.
"We know that children look to their parents to learn about money and its value, and fortunately there are many simple things that parents can do to help build this knowledge."
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26 November 2024
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