‘Money understanding’

PARENTS believe their children understand the value of money at 10 years old, a survey has found.

This is the age they stop believing money is infinite, that it must be earned, and it is important to save, according to the research from Santander.

While the average age across the survey for parents thinking their child had grasped how money works was 10, one in 14 (7%) parents believes their child has understood the concept of money by the age of five.