Over half of UK kids (51%) think they’ll be a millionaire one day according to a survey of 3,000 six to ten-year-olds by Tesco Savings.
The recession has clearly not put a damper on children‘s optimism about their financial futures. Boys remain the more confident: while millionaires account for only for 0.5% of the UK adult population*, 57% of boys aged six to ten expect to reach millionaire status one day.
This same financial optimism among UK kids stretches into other areas, with 46% thinking they can do a better job at managing the family finances than their parents. They also proved to have a good grasp of their parents’ savings habits.
The kids were almost spot-on in guessing that 40% of adults are currently saving for their holiday, 20% are saving to make home improvements and 17% for a new car. However, 5% will certainly be disappointed to hear that their parents aren’t putting their hard earned cash aside for their children’s inheritance and a further 8% that their parents aren’t saving for computer games.
When asked about their parents financial habits, mums come out top, with only a third rating dad as better at managing money. The majority would also opt for their mum to save their money on their behalf, while only a third would trust dad to look after their money for them.
Asked what their thought their parents would do with a £1,000 windfall, over a third believe they’d spend it on a holiday – by far the most popular response. However, the recession has clearly had a greater impact on adults, with over half saying that they’d save it or use it to pay off debts.
Jeremy Sutton, Head of Tesco Savings, says, “Our kids are certainly confident about their future and in their own understanding of family finances. Good financial habits are important to learn at a young age and, while their future ambitions may seem unrealistic, it is impressive to see how well even very young children understand what their parents are saving for. In fact, it was the older age groups which over-estimated how much their parents were saving for their future inheritance and education.”
The Tesco Internet Saver account lets customers manage their account online and benefit from our highest savings rate of up to 3.00% Gross AER (variable), which includes a 1.75% bonus interest for 12 months on balances up to £100,000. Tesco Instant Access Savings customers can manage their savings online, by phone and can make deposits and withdrawals as they shop at over 550 Tesco stores, taking advantage of free parking and long opening hours. Both accounts offer instant access with no restrictions on the number of withdrawals.
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*242,000 in May 2009, according to The Centre for Economics and Business Research (CEBR).
For further information, please contact:
Matthew Dransfield, Tesco Bank, Tel: 0131 479 1346
Victoria Lomax, Tesco Bank, Tel: 0131 479 1345
Tesco Bank
• Tesco Bank is the UK’s largest supermarket bank. Since our launch in 1997, we have grown to have six million customer accounts across 28 financial products and services.
• Our principal activities are: general insurance – motor, home, pet and travel; credit cards and personal loans; personal savings; Tesco Compare and a network of cash machines (ATMs).
• We sell our products through multiple channels including in-store, by telephone and online.
• Tesco Bank is fully-owned by Tesco plc.
• Tesco Bank is the trading name of Tesco Personal Finance plc, Registered in Scotland No. 173199.
Registered Address: Interpoint Building, 22 Haymarket Yards, Edinburgh, EH12 5BH
Tesco Internet Saver
• Competitive rate of interest – up to 3.00% Gross / AER (variable) (includes fixed 1.75% bonus interest on balances up to £100,000 for 12 months. Balances above £100,000 earn the standard underlying rate of 1.25% Gross / AER (variable)).
• Following the end of the bonus period the rate reverts to the standard underlying rate, currently 1.25% Gross / AER (variable).
• The bonus rate is limited to one account per customer.
• Instant access to funds (Please Note: for security reasons there are daily limits on the amounts that can be withdrawn from your savings account.)
• Minimum opening balance of just £1
• Online Banking – Once customers have registered for Online Banking, they can check their account balance 24 hours a day 7 days a week online.
Tesco Instant Access Savings
• Tiered rates of interest up to 1.25% Gross/AER (variable).
• Instant access to your funds (Please Note: for security reasons there are daily limits on the amounts that can be withdrawn.)
• Customers can deposit cash at their local Tesco and pay in cheques at over 550 Tesco stores to top up their savings (excluding Tesco Express and petrol filling stations)
• Customers can take money out at their local Tesco store (except Tesco Express and petrol filling stations) and free at a Tesco ATM or LINK cash machine.
• Telephone Banking – Once customers have registered for Telephone Banking, they are able to check their balance 24 hours a day 7 days a week by calling 0800 7838001, and make payments or change their details by calling 08457 104010 between 8am and 10pm Monday – Friday, and 9am – 5pm on weekends
• Online Banking – Once they have registered for Online Banking, customers can check their account balance 24 hours a day 7 days a week online.
Find out more from Tesco Bank on savings accounts on offer.
