Money and exams top list of worries for today's troubled kids

Widespread concern about the state of the economy and the uncertainty in the housing market are causing stress in children as young as 11 years of age according to a new report from Abbey Banking.

In its study of 11 to 15 year olds, the research from Abbey Banking found that 11 to 15 year olds are more likely to be worried about falling into debt and being poor when they are older than schoolyard fights with friends. In its survey of 300 children, more than one in five children (21 per cent) said they were worried about being poor and falling into debt when older, compared to 15 per cent who were worried about falling out with friends. The top stress for young Brits was failing important exams (32 per cent).

Amongst the nation's 12 year olds, fears about future wealth and falling into debt eclipsed concerns about exams (25 per cent versus 19 per cent) whilst 11 year olds were equally likely to be worried about exams as they were falling into debt and being poor (23 per cent)

Steve Shore, Director of Abbey Banking, commented: "The news is fairly extreme and shows just how much information children absorb. Parents can calm their children's fears on issues such as house prices and concentrate on teaching their children good financial habits such as saving their pocket money. Kids should also be taught about products such as current accounts as this will hold them in good stead for later years and helps teach them to manage their money and spending early."

Other findings:

Boys were significantly more likely to be worried about being poor and in debt than girls (27 per cent versus 16 per cent).
Exam stress amongst 11 to 15 year olds was highest in Wales and the South West where almost half rated this as their top concern (46 per cent).
Fears about being poor and in debt were highest in the North of England (28 per cent) and the South East (27 per cent).
Children in the Midlands were most likely to be worried about affordability of housing (13 per cent).

Shore continued: "Young people with Abbey accounts can add six per cent interest to their money, which is one of the highest rates out there. We pay six per cent interest on balances up to £500. All 11-15 year olds need to do is credit the account each month with at least one payment of any amount. 16-18 year olds need to pay in at least £50 during the course of a month."