more and more digital purchases

Children aged 8 to 14 find it easy to manage their budget and a large majority say they have bought or sold a product online, alone or with the help of an adult.

As the “Financial Literacy Week” takes place from 21 to 27 March, the French Banking Federation (partner of La finance pour tous) has published the fourth wave of its Harris Interactive Barometer on “Children and Financial Literacy” (1).

As part of this week, the FBF is continuing its “I invite a banker to my class” workshops aimed at introducing CM1 and CM2 students to the concepts of budget, means of payment and security.

A fairly balanced relationship with money in young children

Children aged 8 to 14 mainly discuss money with their parents (51%), but rarely (50%) or never (30%). at school. However, the older people get, the more people talk about money with their friends (72% of 8-year-olds and 89% of 14-year-olds). Certain banking services are certainly less well known (credit, savings account, bank account) than others (ATM, savings account, bank card), but the demand for explanations decreases with age.

A clear majority (75%) of children find it easy to manage their budget (+ 5% compared to 2019). And half of them say they put money aside, while 44% prefer to spend it, a phenomenon that increases with age.

75% of children report receiving money on special occasions (e.g. birthdays). Almost the majority state that they also have pocket money (almost 30% receive something for services rendered) and 5% state that they have no money. The older the child, the more money they say they get.

Buying behavior influenced by the web

Almost all children bought something with their money: “alone” for 44% (mainly from the age of 11) and “with the help of an adult” for 64%. Her first purchase was made when she was 9 years old, and they report making an average of 2.2 monthly purchases. For them, a cheap product costs almost 11 euros, an expensive product a product over 80 euros. Three quarters of the children wait for the sale to shop.

Internet purchases without prior authorization increased by +5% compared to 2019. “Overall, 7 out of 10 children say they have already carried out an online transaction, be it a purchase or a sale, with or without the help of an adult,” specifies the FBF.

The influence of friends (80%) and advertising (70%) is decisive for purchase desires., especially in younger children. According to the study, the average age of the first online purchase would be ten and a half years. A clear majority have even resold products online (including 13% without parental help). In total, 70% of children aged 8 to 14 have bought or resold products online, either alone or with help.

Finally, the study shows that children are vigilant on the Internet: If Almost a third believe they have been scammed (via text message, instant message on a social network or email) and only 5% have been ‘scammed’.

(1) Survey conducted from February 25 to March 7, 2022 with a sample of 1,002 children aged 8 to 14 years using the quota method.

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