It's not just parents who are tightening their belts in these times of financial hardship. Kids' wallets have been hit hard, too.
A new study has found that one in four children have reduced their spending because of the recession. The study of 1,000 kids, commissioned by HSBC Bank and the Personal Finance Education Group (pfeg), found that children's attitudes toward money have been profoundly changed by the recent economic crisis.
Eight out of ten said they would save up to buy something rather than get into debt, and over a third said that at least once per week they have heard adults say they can't buy something because of the recession.
"The survey shows that children have very good instincts towards money and they seem to be natural savers," says Wendy van den Hende, pfeg's chief executive. "This does not always last into adulthood, which is why we are working to improve financial education in schools to reinforce these instincts. It is good to see that parents also agree that this is important."
Just reminds us that even though they are little, kids are very perceptive and aware of what's happening inside -- and outside -- our homes and families.