Children `more financially aware`

Today`s children are more financially aware than their parents were at their age, a Populus poll suggests.

Carried out on behalf of charity pfeg (Personal Finance Education Group), the report found that children as young as seven were offering to do chores in exchange for money, often to finance things such as mobile phones and ringtones. People in their parents` generation tended to reach the age of ten before earning money like this.

"Children today face a kind of `technological tipping point` forcing them to develop financial awareness at an earlier age," said pfeg chief executive Wendy van den Hende.

"It is therefore vital that they are equipped with the skills and judgement to make sound decisions about money management from an early age," she said.

"Understanding money is a vital part of managing it correctly and staying out of debt," said a spokesperson for debt management company Gregory Pennington. "Helping young people appreciate what money`s worth – and understand that earning it isn`t easy – should help them learn to manage their `grown-up` finances more effectively later on."

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