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An online money lesson has been launched to support parents homeschooling their children. – digitalhub


An online money lesson has been launched to support parents homeschooling their children.

The interactive quiz teaches youngsters yet to return to school about the value of money and the cost of household items to help them get a real-life grasp of finances.

It was launched after a study revealed how many youngsters are confused about the cost of things, with some believing an average home costs as little as £1,000.

Others think a loaf of bread will set you back £5 and that their parents earn £1 million each year.

The home school lesson was created by Drewberry (https://www.drewberryinsurance.co.uk/money-lesson), which also commissioned the study of 1,000 children aged 6 to 10.

It found a fifth of kids think you could get yourself a brand new car for as little as £1,000, although one in 10 reckon you can buy a new set of wheels for less than £100.

Twenty per cent estimate a new iPhone could be purchased for the modest price of £100, while a tenth believe it would set you back as much as £2,000.

Nearly one in five youngsters reckon a single banana would see you £3 or more out of pocket, and one in 10 think you can buy a house for the bargain price of £1,000.

And 24 per cent reckon a loaf of bread will see you shell out more than a fiver.

The UK-based financial advisers also filmed children asking for their thoughts on how much particular items cost, with one child saying £40 was a lot of money while another estimated a car could be purchased for just £88.

Tom Conner, director at Drewberry said: “It’s great fun to see children’s perceptions of money and how much they vary.

“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 one in seven children reckon a premiership footballer gets paid £5,000 a week, when top players are realistically getting more than £100,000.

But it’s evident a number of youngsters are pretty wise to the wealth of this industry, as 71 per cent believe a professional footballer gets paid more than a fireman.

It also emerged nearly one in 10 children think it only takes £1,000 to be considered as ‘rich’, whereas 57 per cent said £100,000 would make you rich.

As many as 58 per cent would like to earn a hefty £1 million a year when they’re all grown up.

The research, conducted via OnePoll, also revealed a tenth of youngsters believe insurance is something to do with the internet or a driving license, while seven per cent think tax refers to money you pay on things you don’t need.

It also emerged the average six-10 year-old will get just over £15 a month in pocket money, but only 15 per cent will have their mum or dad take care of it until they want to spend it – leaving a lot of the financial responsibility to themselves.

But 86 per cent of children agreed it’s important to learn about money so you can understand how to save it, how to spend it and have a better idea of how much things cost.

More than a third also said it’s good to learn about finances so you don’t spend more money than you have and see yourself go into debt – while 47 per cent said it can help you earn lots of cash when you’re older.

Already, 67 per cent have been taught how to add up money and 56 per cent understand how to save money.

A further 48 per cent are clear on how to check if you have been given the right change when paying for something, with 58 per cent knowing how much each coin or note is worth.

Tom Conner, director at Drewberry added: “Although the survey results and video provide some lighthearted fun, it does go to show that 6-10 year old’s are still developing their understanding of money.

“We hope our interactive money lesson on how to become a Pocket Money Expert will be a fun way for parents to further their children’s money education and provide a source of entertainment before they can go back to school.”


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