Children and financial education – Wave 4

Survey conducted online by Harris Interactive from February 25 to March 7, 2022. A sample of 1,002 children aged 8 to 14 representing this population group. The questionnaire is conducted after the prior permission of at least one parent. The quota method and adjustment were applied to the following variables: socio-professional category and region of parents, gender and age of children.

Paris, 21 March.

This week is “Global Money Week 2022”, 7 days dedicated to the topic of money. Goal: To promote financial education for the youngest through a series of conferences, seminars and special events. In France, the French Banking Federation updates on this occasion and on the 3rdand consecutive time barometric survey of young French people aged 8 to 14. This year they were interviewed after 2 years of a health crisis that has changed the consumption practices of the French population in many ways. It should also be noted that the responses were collected in a very specific context, immediately after the start of the war in Ukraine.

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What to leave from this investigation?

The purchasing behavior of children is becoming increasingly digital…

By many measures, online shopping has now become part of the habits of a significant portion of the French population. A development that can be explained in particular by the health crisis and its “catalyst” impact on new consumption patterns. A survey of young French people aged 8 to 14, from childhood to early adolescence, found that shopping online occurs more often at the age of first purchases. Thus, 57% of children aged 8 to 14 say they have already bought something online, which is significantly higher than last year for the same period (+6 points).

In addition, children show themselves more sensitive than before to the influence of the Internet on their consumer desires. Today, ads seen online reach them more frequently (63%, +8 points year-over-year), which can be attributed to their greater online presence.

In addition, these generations, familiar with the Internet from an early age, seem relatively proficient in the scam attempts that can be found there. Few say they have been scammed, and many say they have already experienced dubious situations online: about 1/3 have already received a scam message on a social network, and among those who have already shopped online, 4 out of 10 say they have already faced with fraudulent attempts to purchase goods.

…not necessarily sooner than before

If online shopping seems to be picking up, it doesn’t get any earlier. As in previous years, children take on average their first personal purchase (with your own money) at age 9and their first online purchase (with or without adult permission) at 10 ½ years old. And when asked at what age you can make a one-time purchase on the Internet, their answers remain the same as in previous years: they estimate on average that we can do it at 16while more than half (52%) have to wait 18 years.

On the Internet or in the store, children report that this year an average of just over 2 purchases per month. A slight increase in frequency compared to the 2021 measurement, likely dampened by the crisis and a string of health restrictions.

Thus, the frequency of purchases in children does not change significantly, nor does their perception of monetary value. Indeed, according to them, the product “which is not expensive” costs an average of 11€against 83 € average for an “expensive” product : orders of magnitude close to those of previous years.

The practices of the circular economy infiltrate the habits of the French from an early age.

Whether it’s an object no longer appropriate for their age, or just something they don’t like anymore, kids prefer usually give it a second life rather than keep or discard. With a clear propensity to sell as compared to a gift: in this way48% of children would rather be sold an object they no longer like when 26% would rather give to someone else. As for an item that no longer matches their age, this tendency is less pronounced (45% prefer a sale and 33% a gift).

In the facts 55% of children aged 8 to 14 say they have already sold a product online, including 13% without parental assistance. While the practice appears to be more common among adolescents (60%) than among children under 13, it nevertheless appears to be predominant in the three age groups.

Lovers of resale, young French people do not hesitate to buy second-hand things for themselves: 68% of them indicated that they could buy a used item not new to save money. And over 1/3 say they use used car resale sites like Vinted or Leboncoin. So whether it’s buying second-hand or reselling, the French seem to be getting into circular economy practices relatively early, aided by the digitalization of transactions in general.

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