68% of children aged 8 – 16 do not understand how taxes work, 74% do not understand pensions and 41% mortgages

43% want to know more about mortgages 38% about taxes, and 36% about the economy – with 55% about how to run your own business

82% have already practised saving with their pocket money

A large number of children aged 8 – 16 do not understand how taxes work (68%), pensions (74%) and mortgages (41%).

Teaching kids about finances equips them with arguably the most essential knowledge and skills they will need for the future, and they want to learn about it too – 43% are keen to know more about mortgages, 38% about taxes, and 36% about the economy.

Not only that, but they are already practising good financial habits with 82% having saved up their pocket money to buy something they wanted.

Meanwhile, if they were to receive £1 million next week, the majority would buy a house, and go on holiday with their family, with some opting to invest or put into a savings account.

Highlights from Toby's Friday afternoon show on Shout Radio. Featuring chat with top showbiz guests.

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