West Midlands school children start saving for their first home
The average cost of a house in the West Midlands is £172,455 but according to some youngsters in the region, you could purchase a new property for just £100.
The results come from questionnaires given to school children as part of the Miller Homes ‘Save Your Pennies and Build Your Future’ campaign.
The award-winning housebuilder has been visiting schools up and down the country to educate primary school pupils on the importance of saving from a young age.
The campaign, aimed at children aged between nine and eleven, encouraged them to think about why they should save their pocket money and the value of their pennies.
The average rate of pocket money in the West Midlands, according to the Halifax, is £6.06 and 100% of the children who took part in the scheme, said they would now be saving their money in a bank or in their money box.
They have a long way to go to save for their first house though as on average the children believed that a new property would cost them £39,000, with answers ranging from as little as £100 to £220,000.
The survey also highlighted that although they understood the need to save for a deposit on a new a house, when it comes to understanding how long it would take to save the money answers ranged from 8 months to 50 years, with the average answer coming out as 12 years.
Pat Kimber, sales manager for Miller Homes West Midlands, said “The main objective of our campaign was to ensure younger generations have more of an understanding of money and saving, and how this knowledge can help them in future.
“It’s pleasing to see that the results of this survey indicate the children now have an understanding of how important it is to save their pocket money. Although they still struggle to get to grips with how much things cost, they do know that major purchases like a new house require a savings plan.
Pat added: “The survey results show that 80% of the children now understand what a mortgage is in simple terms and that a few even said they wanted to start saving for their home of the future right now!”
Kingsway Primary School in Gloucester was the first primary school in the region to receive the presentation by Miller Homes and deputy-head Jennie Woolhead said the youngsters learnt a lot.
She said: “It’s extremely important that the children learn the value of money and how by understanding the concept of saving now, it will greatly help them in later life.”
For more information on Miller Homes’ developments across the West Midlands, visit millerhomes.co.uk/explore/westmidlands.
