Who wants to be a millionaire? Our kids do!
13 October 2009
Over half of UK kids (51%) think they'll be a millionaire one day according to a survey of 3,000 six to ten-year-olds by Tesco Savings
The recession has clearly not put a damper on children's optimism about their financial futures. Boys remain the more confident: while millionaires account for only for 0.5% of the UK adult population*, 57% of boys aged six to ten expect to reach millionaire status one day.
This same financial optimism among UK kids stretches into other areas, with 46% thinking they can do a better job at managing the family finances than their parents. They also proved to have a good grasp of their parents' savings habits.
The kids were almost spot-on in guessing that 40% of adults are currently saving for their holiday, 20% are saving to make home improvements and 17% for a new car. However, 5% will certainly be disappointed to hear that their parents aren't putting their hard earned cash aside for their children's inheritance and a further 8% that their parents aren't saving for computer games.
When asked about their parents financial habits, mums come out top, with only a third rating dad as better at managing money. The majority would also opt for their mum to save their money on their behalf, while only a third would trust dad to look after their money for them.
Asked what their thought their parents would do with a £1,000 windfall, over a third believe they'd spend it on a holiday - by far the most popular response. However, the recession has clearly had a greater impact on adults, with over half saying that they'd save it or use it to pay off debts.
Jeremy Sutton, Head of Tesco Savings, says,
"Our kids are certainly confident about their future and in their own understanding of family finances. Good financial habits are important to learn at a young age and, while their future ambitions may seem unrealistic, it is impressive to see how well even very young children understand what their parents are saving for. In fact, it was the older age groups which over-estimated how much their parents were saving for their future inheritance and education."
The Tesco Internet Saver account lets customers manage their account online and benefit from our highest savings rate of up to 3.00% Gross AER (variable), which includes a 1.75% bonus interest for 12 months on balances up to £100,000. Tesco Instant Access Savings customers can manage their savings online, by phone and can make deposits and withdrawals as they shop at over 550 Tesco stores, taking advantage of free parking and long opening hours. Both accounts offer instant access with no restrictions on the number of withdrawals.
For more information and media enquiries please contact:
Tesco Bank press office
+44 (0) 131 274 3630
Notes for Editors:
*242,000 in May 2009, according to The Centre for Economics and Business Research (CEBR).
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. Tesco Bank participates in the Chartered Banker Professional Standards Board.
Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ