Can you buy your children happiness? Polish parents are trying
The Year of Economic Education is an opportunity to find out how financial socialisation of children between the ages of 7 and 12 looks in Polish families. The results of the Santander Bank Polska study are surprising:
- More than four-fifths of parents (86 per cent) believe that money can bring happiness, and only one-fifth do not consider it a measure of success.
- This explains the financial leniency of Polish parents, with 78 per cent of respondents fulfilling almost all of their child’s whims if they ask for toys or other entertainment products.
- Three in four parents (72 per cent) admit that finances are associated with negative emotions, which often leads to tensions within the family.
Nearly three-quarters of the parents surveyed (74 per cent) said that they are primarily responsible for their children’s financial education. One in two (51 per cent) believes that this is the task of the school. Almost as many (49 per cent) indicate that the state should take care of children’s financial literacy. In contrast, two-fifths of those surveyed (43 per cent) say this is the role of financial institutions.
Parents feel responsible for their children's financial education, but are often unsure of their own knowledge. Adults are critical of their financial knowledge, rating it, on average, at 3.5 out of six. Fortunately, there is a lot of information available, especially on the Internet, to help parents educate their children and young people. But it is essential to use proven sources, from reliable partners. Santander Bank Polska has prepared such materials and they can be found on the Finansiaki.pl website.
Financial education important, but not at the expense of wellbeing
The majority of parents (76 per cent) believe that economic education for children is no big deal and 60 per cent say they enjoy it. Motivations for sharing knowledge vary. The most common is the desire to protect children from poverty and financial hardship (76 per cent) and to give children a better start into adulthood than their parents had (69 per cent) The awareness that other parents are teaching their children motivates 60 per cent of respondents. More than 90 per cent of respondents admit that children are interested in family finances – they ask questions about the family’s financial situation, earning money and shopping.
However, Polish parents are very liberal when it comes to finances. Nearly 4/5 of respondents (78%) fulfil almost all requests and whims of their children. This includes buying toys or other entertainment products. Slightly less, 77 per cent of parents give their child money whenever they ask for it. As many as 70 per cent get enough money to afford everything they want.
This attitude may be explained by the fact that the majoritý of parents surveyed consider money to be a key to happiness (86 per cent) and earning money as a central activity in one's life. Moreover, they are convinced that it is a measure of success (80 per cent). The survey shows that we admire people who are wealthy (72 per cent). All these answers add up to a materialistic attitude that is clearly present in today's society. Children who always get what they want do not know what a limited budget is and have difficulty understanding the value of money. As a result, they lack basic saving skills and habits, which can lead to financial problems in adulthood. Therefore, it is important to educate children from an early age with a correct understanding of the value of money and a conviction that the sources of happiness and success in life should be sought outside of material goods.
Money plays an important role in everyday life and the emotions associated with it can affect family relationships. Almost 80 per cent of parents admit to feeling strong emotions about money and 72 per cent to transferring such negative emotions to other family members. More than 70% of respondents get angry about money. Almost 60% of parents admit to arguing at home about money.
A piggy bank teaches the next generation how to manage their finances
Almost 70 per cent of parents say they consciously educate their children about finances. How do they do this? The most popular way is to teach them to save using a piggy bank (86 per cent). More than half of parents indicated that children can put money away in their account. Just over two-fifths of respondents said their children have their own bank accounts (44 per cent) and use banking apps (42 per cent)..
The survey reveals a growing need for financial education for children, among other things, due to the development of new technologies. Although most parents are aware of this, they sometimes lack the right tools. The piggy bank is the symbol and still the most popular tool for learning about saving and managing personal finances. However, children should also learn how to use banking applications and become familiar with the related safety rules.
About the survey:
The survey conducted at the request of Santander Bank Polska with a nationwide sample of 1,013 Polish parents of children aged 7-12 using the CAWI technique at the Ariadna Nationwide Research Panel in May 2024.
