Money boxes: Teaching children about the value of money
In this digital age, more and more of us are using tech to manage our finances, whether it’s transferring a few spare pounds to a savings account or paying for something using an app. However, over half of our members are still using money boxes to save cash, a tradition which has existed for generations and is still being practiced by today’s youngsters.
A recent survey* revealed 58% of our members still use a money box to save cash, with 29% of these members using a piggybank as their moneybox of choice. The main reasons these savers said they were using a money box were keeping loose change safe (58%) and saving up for small treats (36%).
It could also be said that moneyboxes introduce the concept of money to the younger generation. 9 out of 10 of the members we surveyed believe money boxes play a valuable role in educating children about money, helping them become comfortable managing their finances and improving mathematics skills.
89% of members surveyed said they would encourage children to use moneyboxes to learn about saving, and we’ve featured some of the reasons why in the graphic below.
Our CEO, Richard Fearon, believes these habits can help build a foundation which will have positive results later in life: “Savvy savings habits learned at a young age can give people the confidence to manage their money when they are older, whether that’s setting aside money for a deposit to help them put home ownership within reach or saving to help a child through university.”
We’re currently supporting an exhibition at Leeds City Museum called Money Talks. Money Talks looks at how money has changed over the years and some of our old money boxes are among the items on display, so if you have the opportunity to visit before 26 June, it’s well worth it.
*456 members were surveyed in April 2022 by the Society’s customer TalkingPoint panel which seeks the views of members.