Children and consumer temptations. Financial personality test for children

Abstract

THE AIMS OF THE PAPER

Our research aimed to explore the financial attitudes of teenagers (10-14 years old). Its goal is to compare the answers given by the children under examination with the results of the Financial Personality Test addressing adults.

METHODOLOGY

The survey consists of 20 questions and respondents (2067 upper secondary pupils) can assess on a scale from 1 to 5 how typical of them a certain finance-related quality, behaviour or attitude is.

MOST IMPORTANT RESULTS

Results show that the upper secondary age-group possess higher level skills in handling money than previously presumed, they have well-established financial habits, they are willing to work for money while they know exactly how much money they have and how much things cost. They are much more exposed to temptations encouraging consumption than adults, therefore they are more likely to face financial troubles, they do not always know what their money is spent on. At the same time, children are less likely to expect their parents to give them everything than the parents themselves. The study classifies respondent children into three clusters: 1. deliberate savers, 2. spenders, 3. the passive, incompetent in their finances. 

RECOMMENDATIONS

Spenders should learn about controlling shopping impulses, planning and saving, while the financially fragile passive group should learn about financial strategy, coping skills and motivation as well.