Latest Mumdex report reveals kids are more financially responsible
Our latest Mumdex report reveals that the economic downturn is making kids more financially aware than ever – nearly half earn their pocket money by doing chores around the house and a quarter of eight to 18-year-olds are planning to start their own businesses in the future.
The research with our Mumdex panel – made up of 5,500 Asda mums – also suggests a quarter of 12-18 year-olds already have a part time job. Two thirds of mums say their 12-18 year olds are aware the family is having to watch the pennies, while half say their kids are more aware of money and its value as a result of the recession.
Hayley Tatum, Asda’s People Director introduces the report for the first time and as a mum herself, she is delighted to be joining the report at such an interesting time.
She said: "I’m heartened by the resilience our mums show in difficult times, and it is encouraging that they’re telling us their kids have the same strength and spirit. It’s a really interesting read, and helps us all to understand our customers better than we already do so I’d encourage all colleagues to have a look and find out what they’re saying about their mood, their approach to shopping and finances, and how their kids are helping them to find the best supermarket prices.
“We have also found out that kids today are not only more savvy when it comes to family finances, but they’re also becoming increasingly entrepreneurial – a quarter of kids we spoke to said they have ambitions to set up their own business, citing Lord Sugar, David Beckham and Sir Richard Branson as their top business role models. As great as these role models are, it’s disappointing there aren’t any women in this list, and as you and I know, there are some fantastic female role models in the business world."