Kids’ money woes revealed by Leeds debt charity

Almost a quarter of Yorkshire children have been worried about money
Almost a quarter of Yorkshire children have been worried about money
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A LEEDS-based debt charity has warned that children are bearing the brunt of financial woes as new research suggests almost a quarter of the region’s youngsters have been worried about money.

Researchers from the Halifax spoke to 1,200 children aged between eight and 15 and found among those from Yorkshire, 23 per cent admitted to worrying about money.

Seven out of ten said they were aware of their parents money worries, while one in five said they lend money, with 26 per cent of these lending to their parents. In all, 12 per cent said they have to borrow money.

The findings build on research last year by city-based charity StepChange, who along with the Children’s Society found that the children of parents in debt were suffering from bullying, isolation and regularly going without.

Charity spokesman Edward Ware said increasing numbers of children were acutely aware of money pressures, as more families are living on a “financial knife edge”.

“Families in debt are twice as likely to argue about money, which puts strain on the family relationships and cause children emotional distress,” he added.

Denise Carpenter, assistant debt manager as east Leeds advice service St Vincent’s, said that while its clients may not have spoken about their children voicing money worries, it was likely that parents were simply not aware that children had picked up on financial problems.

Giles Martin, head of Halifax Savings, said: “Parents need to be very aware just how much of an impact their own feelings about money can have on their children’s views and habits.”

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