M&S Money has revealed the results of its Under 18's Work and Money Survey 2010, showing that many of the UKs 'tweens' and teens are financially clued up and eager to start work.
The survey - based on research of more than 3,000* UK under 18s - highlights that:
- A child aged 8-9 has an average monthly income of £9.70 and by 18 years of age monthly income has soared to an average of £219.
However, while the older age group ‘earn’ substantially more, they have to subsidise a greater range of expenses.
- Both tweens (50%) and teens (30%) save significant percentages of their income – putting many older savers to shame.
- Tweens (39%) are more likely to earn pocket money by helping out around the house than teens (29%) - possibly reflecting the older age groups propensity to look for other forms of income generating work.
- Indeed, 72% (tweens) and 87% (teens) would like to have a part-time job by the age of 18 as they feel it will teach them responsibility and help them gain employment when they are older.
The M&S Money Under 18's Work and Money Survey 2010 shows that both teens and tweens have good savings habits. Tweens are most likely to spend most of their money on treats such as sweets and magazines (58%) but an impressive 53% of 8 - 13 year olds are saving half (50%) of their income (£7.20) in either a savings account or piggy bank.
Teenagers, who need to finance mobile phone costs (29%) and necessities such as clothes, transport or school books (22%) have higher average monthly incomes (£74.20) but still manage to save 30% of their average monthly income (£23.50) **.
For both groups, the primary source of income is "parental subsidies" or pocket money. However, both tweens (8 - 13 year olds) and teens (14 - 18 year olds) seem worldly-wise about how to get on in life, with 80% keen to have a part-time job before they are 18.
The rising monthly income of teenagers reflects their greater propensity to work; 25% of 16-17 year olds and 30% of 18 year olds have a part time job, and 3% of 18 year olds are even running their own business.
While not all teens of 'working age' have a part-time job, many have a keen desire to find one. Indeed, over half (56%) of 16 - 18 year olds surveyed have attempted to supplement their income by finding a part time job in the last six months, almost twice the number that actually have one (30% of 16 - 17 year olds, 31% of 18 year olds).
A lot of credit for these attitudes must go to parents and grandparents who are doing a good job in teaching children about money; more than four-fifths of parents have discussed how to spend and save money with both 8-13s and 14-18s, as have 20% of grandparents. Six in ten parents have also explained what a budget is and discussed financial news and 65% of parents have helped their Tween child open a savings account.
Notes to Editors:
*Research undertaken by YouGov online among 3131 8-18s, 17th - 22nd September 2010.
About M&S Money:
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc, making 2010 the company's 25th anniversary.
The company is a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home insurance and car insurance, as well as loans, savings and investment products.
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