Children 'becoming more aware of finances'

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Children 'becoming more aware of finances'

Young people are becoming increasingly aware of the importance of good financial knowledge as a result of the recession, according to one expert.

David White, chief executive of The Children's Mutual, said that many youngsters are hearing phrases such as credit crunch and want to know what they mean.

As a result, he believes the economic downturn will give many children a more healthy understanding of finances and sees this as being "a positive step forward".

"Two thirds of parents we polled said that their seven-year-olds were better informed about finances than they felt they were at the same age," he added.

His comments follow the news from Halifax that 38 per cent of children think they should take responsibility for their own money between 11 and 15 years of age.

Around 69 per cent of children use a bank account that was opened for them, with 20 per cent banking with the same institution as their parent.

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