Published On: Fri, May 22nd, 2020

Children think their parents earn £1m a year and an average home costs £1,000


A thousand British youngsters, aged six to 10, were quizzed on the cost of common everyday items. One in five thinks you could get a brand new car for as little as £1,000, with one in 10 saying a new set of wheels costs less than £100. One in five think a brand-new iPhone could be picked up for £100, while the same number reckon a banana would see you £3 or more out of pocket. One in 10 thinks you can buy a house for £1,000, while almost a quarter think a loaf of bread will cost more than a fiver.

The study was commissioned by Drewberry whose online money class helps parents teach their children to understand finances.

It also emerged that one in seven of those polled thinks a premiership footballer gets paid £5,000 a week, when top players are realistically earning more than £100,000.

But most children are wise to the wealth of the industry, with seven in 10 agreeing that a professional footballer gets paid more than a fireman. Tom Conner, director at Drewberry, said: “It’s tough growing up and not quite knowing how much things cost, and not getting much opportunity to really get to grips with finances.

“But there are some simple and fun ways to help little ones understand, such as going through the receipt on a shopping list with them or even playing games at home which revolve around spending money.”

The study also found nearly one in 10 children thinks it only takes £1,000 to be considered rich, while 57 percent said £100,000 would put you into this category. And 58 per cent would like to earn a £1million a year when they are grown up.

The study, conducted by OnePoll, also revealed what young Britons would spend £1million on, including as many sweets as they are allowed, a Nintendo Switch and a trip to Disneyland. Nearly two in five would spend £1million on gifts for their parents, while others want an iPhone or a pet puppy.

They may be waiting a while though as the average six to 10-year-old will get just over £15 a month in pocket money.

And only 15 percent will have mum or dad take care of it until they want to spend it – leaving a lot of the financial responsibility to themselves.



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