As the British and European economy stalls for the fifth summer, the government could find grace in turning to Manchester’s youngsters as £1.5billion is spent a year by children.
Youths across Greater Manchester could be the silver lining in the nation’s recession cloud as TK Maxxx reveal that a failing economy has educated children into becoming more money-savvy.
With prime-time TV such as Channel 4’s SuperScrimpers helping the nation to wise up on spending, children are, naturally, picking up tips along the way and primary school pupils are now managing their own personal income – 49 percent spend around £365 on clothes alone.
Mrs Moneypenny, presenter of Channel 4’s SuperScrimpers, who hosted the experiment said: “Given the current economic climate it is refreshing to see that parents are instilling such good money values in their children, from as early as five years old.
“The tactics used to teach kids bargain hunting techniques makes learning and shopping fun whilst ensuring they get more for their money, making any budget go a long way.”
But far from thoughtlessly splashing their cash, 66 per cent of 5 to 11 year olds in Manchester meticulously save up their pocket money and cash received from relatives for Christmas and birthdays, stocking up their piggy banks so they can support their personal purchases.
Born out of the recession these children have grown up with an eye for a deal, using knowledge and financial know-how garnered from their parents to ensure they spend their money wisely.
And 81 percent of Mancunian parents believe they have an obligation to the younger generation and the future economy to instil these values in their offspring.
It’s therefore no surprise 68 percent of parents in Manchester agree their kids have a greater awareness of money than they did when they were young, with over half (57 percent) boasting that their children are exceptional bargain hunters.
A TK Maxx spokesman, said: “It’s interesting that no matter what age we are, as a nation we have developed a far more sophisticated and savvy approach to shopping. Not only are the younger generation of Manchester confident in establishing their own style, the research also shows they have a role in helping shape our future economy whilst learning how to save and manage their money from an early age.”