TORONTO, March 27 /CNW Telbec/ - Most parents believe it's important that
children learn about financial responsibility, with 82 percent of Canadian
parents teaching their children how to save money and 72 percent showing them
how to compare prices to get the best deal, according to global market
research company Synovate.
These and other insights come from a recent survey of 172 parents of 5 to
17 year olds in Canada, and an additional 1,424 parents across the world, who
were asked whether they give their children an allowance and how they teach
their offspring about financial responsibilities.
About one quarter of parents across the globe say that they give their
children a set amount of pocket money on a regular basis, led by South African
parents at 34 percent and followed closely by Canadian parents at 32 percent.
When children desperately want an expensive item, 59 percent of Canadian
parents help their kids save some of their own money towards the item but then
the parent contributes the rest. Only 15 percent of Canadian parents say they
will pay for the entire cost of the item, which is in sharp contrast to
39 percent of South African parents that will.
In order to teach their children how to effectively manage money,
budgeting techniques favoured tools for Canadian parents. Forty six percent
teach their kids to look for and use coupons and 32 percent teach them how to
pay bills. This financial education can get pretty sophisticated, with
one-quarter of all parents showing their children how to use a checking
account or credit card, while 54 percent of Cypriot parents teach their kids
about the stock market!
For some, it's never too early to begin teaching their children about
finances. Over one third of Canadian parents begin teaching their children
about money as soon as they start asking their parents to buy them things.
Another one third believes that children should start learning how to be money
wise between the ages of 9 and 12.
"Teaching children about money early on helps them make more informed
decisions later on in life about spending, using credit and budgeting," said
Tim Hodapp, Vice President of Synovate. "Our survey found that 29 percent of
Canadian parents teach their children how to use a checking account or credit
card, showing that parents are using a variety of techniques in order to raise
financially savvy children."
When it comes to involving their children in saving for their own
education, very different viewpoints can be seen throughout the world.
Forty-three percent of parents involve their children in saving for their
education, with Chinese and Cypriot parents (60 and 55 percent respectively)
topping that list. On the other hand, 69 percent of Canadian parents and
66 percent of American parents say that their children play no part in saving
for their education
Synovate also learned that Canada, along with the US, has the largest
percentage of parents requiring their children to do household chores in
exchange for their pocket money. Eighty six percent of Canadian parents and
96 percent of American parents require their children to do some household
chores if they want money from mom and dad. At the other end of the scale, a
large majority of children in Cyprus (89 percent), China (77 percent) and
Slovakia (75 percent) don't have to lift a finger for their pocket money.
Even though almost half of Canadian parents surveyed say they provide
their children with some type of allowance, either regularly or occasionally,
there is still a catch: 74 percent of parents require that they have at least
some input in how the money is ultimately spent.
Synovate, the market research arm of Aegis Group plc, generates consumer
insights that drive competitive marketing solutions. The network provides
clients with cohesive global support and a comprehensive suite of research
solutions. Synovate employs over 5,500 staff in 108 cities across
51 countries. More information on Synovate can be found at www.synovate.com.
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