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| 'I would pay £3,000 for a big house' | 'I would pay £3,000 for a big house' |
| (about 4 hours later) | |
| By Kevin Peachey Personal finance reporter, BBC News The youngsters from Cedarwood Primary School | By Kevin Peachey Personal finance reporter, BBC News The youngsters from Cedarwood Primary School |
| Throughout the global financial crisis, many people have asked whether our children will make the same mistakes. | Throughout the global financial crisis, many people have asked whether our children will make the same mistakes. |
| There have been calls for more personal finance lessons in schools, to help prevent young people falling into a spiral of debt when they get older. | There have been calls for more personal finance lessons in schools, to help prevent young people falling into a spiral of debt when they get older. |
| But how much do they already know? We talked to a group of six pupils, all aged nine, from Cedarwood Primary School at Kesgrave, near Ipswich, about money matters. | But how much do they already know? We talked to a group of six pupils, all aged nine, from Cedarwood Primary School at Kesgrave, near Ipswich, about money matters. |
| They were: Grace Bowman, Caitlyn Panich, Keyara Abdul, Edward Colver, Verity Juster, and Ben Kearney. | They were: Grace Bowman, Caitlyn Panich, Keyara Abdul, Edward Colver, Verity Juster, and Ben Kearney. |
| Who receives pocket money? | Who receives pocket money? |
| CP: If I'm really good I get £5, but if I'm naughty I only get £4. | CP: If I'm really good I get £5, but if I'm naughty I only get £4. |
| I think it is hard to save up money because you have to be good and that is really complicated for me Keyara Abdul | |
| EC: Because I'm a twin, I get £2 between me and a brother. I spend it on chewing gum. | EC: Because I'm a twin, I get £2 between me and a brother. I spend it on chewing gum. |
| CP: I spend it on drinks and bags and shoes... | CP: I spend it on drinks and bags and shoes... |
| VJ: ...Make-up, or clothes, or sweets. | VJ: ...Make-up, or clothes, or sweets. |
| KA: If I have a little bit of money, I spend it on books. | KA: If I have a little bit of money, I spend it on books. |
| BK: I am saving up because I am going on holiday. I keep it in a bank in my bedroom. | BK: I am saving up because I am going on holiday. I keep it in a bank in my bedroom. |
| Reporter: You have a bank in your bedroom? | Reporter: You have a bank in your bedroom? |
| BK: A mini one. It is a mini machine because you have a code like a password to get in it. You can withdraw money and put notes and coins in it. | BK: A mini one. It is a mini machine because you have a code like a password to get in it. You can withdraw money and put notes and coins in it. |
| CP: I've got a pink one. | CP: I've got a pink one. |
| BK: Mine's black. | BK: Mine's black. |
| CP: You can put a pretend credit card in it if you have forgotten your code. | CP: You can put a pretend credit card in it if you have forgotten your code. |
| VJ: What happens if someone finds your credit card? | VJ: What happens if someone finds your credit card? |
| CP: I put it in a special place. | CP: I put it in a special place. |
| GB: I've just got a little duck, and you open a zip on its bottom and put all your change in it. | GB: I've just got a little duck, and you open a zip on its bottom and put all your change in it. |
| Is it easy to save money? | Is it easy to save money? |
| The most money I got was probably on Happy New Year's Day, but I spent it straight away Grace Bowman | |
| EC: It is not brilliantly easy, I keep on spending it. I saved £68 when I had just had my birthday. I'll probably save it until I'm a grown-up and then spend it on a house, and the bills, and to feed my children. | EC: It is not brilliantly easy, I keep on spending it. I saved £68 when I had just had my birthday. I'll probably save it until I'm a grown-up and then spend it on a house, and the bills, and to feed my children. |
| KA: The things I really want are a lot of money. I like to save up, but sometimes it is hard because the price gets higher and I have to save more. | KA: The things I really want are a lot of money. I like to save up, but sometimes it is hard because the price gets higher and I have to save more. |
| GB: The most I got was probably on Happy New Year's Day, but I spent it straight away. I bought a bike with it and spent the rest. | GB: The most I got was probably on Happy New Year's Day, but I spent it straight away. I bought a bike with it and spent the rest. |
| KA: I think it is hard to save up money, because you have to be good and that is really complicated for me. I have to make my bed, wash up and all that, but sometimes I can't be bothered so I don't get any money. | KA: I think it is hard to save up money, because you have to be good and that is really complicated for me. I have to make my bed, wash up and all that, but sometimes I can't be bothered so I don't get any money. |
| Who knows how a bank account works? | Who knows how a bank account works? |
| EC: Do you put some money in it and every month or so they add a bit more onto it and it keeps on going like that? | EC: Do you put some money in it and every month or so they add a bit more onto it and it keeps on going like that? |
| Homes are a lot cheaper in the children's world | |
| GB: It is so you can save up and keep it private, if people try to break in. | GB: It is so you can save up and keep it private, if people try to break in. |
| BK: I went in a bank and it was really busy. My mum wanted to get some money out of her bank - I don't know what it was for. She had to put in her Pin and she was brought some money. | BK: I went in a bank and it was really busy. My mum wanted to get some money out of her bank - I don't know what it was for. She had to put in her Pin and she was brought some money. |
| GB: A Pin is a code that you put into a hole in the wall. You put your credit card in and then you get your money out. | GB: A Pin is a code that you put into a hole in the wall. You put your credit card in and then you get your money out. |
| Rep: What happens if you've got no money in there? | Rep: What happens if you've got no money in there? |
| All: I don't know. | All: I don't know. |
| CP: Then you have to work until you've got a lot of money. | CP: Then you have to work until you've got a lot of money. |
| How much does a house cost? | How much does a house cost? |
| VJ: £1,256. | VJ: £1,256. |
| EC: £20,000. | EC: £20,000. |
| KA: £50,000. | KA: £50,000. |
| CP: I would pay £3,000 for a big house, £2,000 for a middle-size house, and £1,000 for a bungalow. | CP: I would pay £3,000 for a big house, £2,000 for a middle-size house, and £1,000 for a bungalow. |
| GB: I would spend £55,365.01. | GB: I would spend £55,365.01. |
| EC: The 1p is vital | EC: The 1p is vital |
| BK: It is about £2,500 for a house. | BK: It is about £2,500 for a house. |
| Rep: Do you know an average house costs about £150,000? | Rep: Do you know an average house costs about £150,000? |
| GB: Now I know why my mum keeps on saying that we are poor! | GB: Now I know why my mum keeps on saying that we are poor! |
| How are we going to raise all that money? | How are we going to raise all that money? |
| VJ: Work, or get two jobs. | VJ: Work, or get two jobs. |
| If [the chancellor] was Darwin then I have heard of him - he's a famous scientist Edward Colver | If [the chancellor] was Darwin then I have heard of him - he's a famous scientist Edward Colver |
| EC: Leave it to my dad. | EC: Leave it to my dad. |
| GB: Ask your mum and dad, but they might be retired... | GB: Ask your mum and dad, but they might be retired... |
| CP: ...Will they get money? | CP: ...Will they get money? |
| GB: Yes, the taxes you pay go to the retired people to live. | GB: Yes, the taxes you pay go to the retired people to live. |
| CP: My nanny and grandad love me because they look after us and get about £20 a night. | CP: My nanny and grandad love me because they look after us and get about £20 a night. |
| Rep: Who else can we ask for money for our house? | Rep: Who else can we ask for money for our house? |
| BK: If you have a credit card, can you withdraw it from the credit card? | BK: If you have a credit card, can you withdraw it from the credit card? |
| Rep: If I borrow money on my credit card, what happens? | Rep: If I borrow money on my credit card, what happens? |
| KA: It comes out as a bill. My uncle said one day that he would teach me to be a lady who uses her money properly, so he asked for £1 and said he would give it back, but with a bit more. | KA: It comes out as a bill. My uncle said one day that he would teach me to be a lady who uses her money properly, so he asked for £1 and said he would give it back, but with a bit more. |
| GB: If I borrow money off my mum, I wait so long that she forgets about it. But when they borrow money off me, I never forget. | GB: If I borrow money off my mum, I wait so long that she forgets about it. But when they borrow money off me, I never forget. |
| EC: I'm on exactly the same track. I keep quiet about owing my mum. | EC: I'm on exactly the same track. I keep quiet about owing my mum. |
| VJ: How much does a manager of a supermarket get? In Sainsbury's, I think Mr Sainsbury's gets all the money? | VJ: How much does a manager of a supermarket get? In Sainsbury's, I think Mr Sainsbury's gets all the money? |
| KA: But he's dead? | KA: But he's dead? |
| All: Is he? | All: Is he? |
| VJ: There is also Mr Tesco... | VJ: There is also Mr Tesco... |
| GB: ...And Mr Budgens. | GB: ...And Mr Budgens. |
| EC: I've heard of Mr Bean. | EC: I've heard of Mr Bean. |
| If we borrow £150,000 from a bank, what will happen? | If we borrow £150,000 from a bank, what will happen? |
| CP: You've got to pay back more. | CP: You've got to pay back more. |
| If I had £1m I would buy a new house in a hot country Ben Kearney | If I had £1m I would buy a new house in a hot country Ben Kearney |
| Rep: When? | Rep: When? |
| VJ: Every month. | VJ: Every month. |
| KA: Not every year? Because then you could save more. | KA: Not every year? Because then you could save more. |
| Does anybody know who the chancellor is? | Does anybody know who the chancellor is? |
| EC: What's the chancellor? | EC: What's the chancellor? |
| BK: Is he the boss of the banks? | BK: Is he the boss of the banks? |
| VJ: He is something to do with money, and the President's friend. | VJ: He is something to do with money, and the President's friend. |
| EC: Is he... | EC: Is he... |
| VJ: ...or she... | VJ: ...or she... |
| EC: ...In charge of all the banks? | EC: ...In charge of all the banks? |
| Rep: He's called Alistair Darling, have you heard of him? | Rep: He's called Alistair Darling, have you heard of him? |
| EC: If it was Darwin then I have heard of him - he's a famous scientist. | EC: If it was Darwin then I have heard of him - he's a famous scientist. |
| Do you know about taxes? | Do you know about taxes? |
| GB: You pay something to the council or government and they give it to retired people. | GB: You pay something to the council or government and they give it to retired people. |
| If I'm really good I get £5, but if I'm naughty I only get £4 Caitlyn Panich | If I'm really good I get £5, but if I'm naughty I only get £4 Caitlyn Panich |
| EC: It is called a pension. | EC: It is called a pension. |
| KA: How come you don't pay for a hospital to go to see a doctor, how do they get money? | KA: How come you don't pay for a hospital to go to see a doctor, how do they get money? |
| VJ: From taxes. | VJ: From taxes. |
| CP: If it is an emergency you can't just say: "Here's some money before I have my injection." | CP: If it is an emergency you can't just say: "Here's some money before I have my injection." |
| EC: You do have to pay. You've got to pay for the car park. | EC: You do have to pay. You've got to pay for the car park. |
| If you had £1m, what would you do with it? | If you had £1m, what would you do with it? |
| BK: I would buy a new house in a hot country. | BK: I would buy a new house in a hot country. |
| CP: I would drive to London, earn another £1m, then I would pay the Queen for her house. She can live in my old house. | CP: I would drive to London, earn another £1m, then I would pay the Queen for her house. She can live in my old house. |
| KA: I would spend it on a house and some pet snakes for my worst enemies. | KA: I would spend it on a house and some pet snakes for my worst enemies. |
| [The chancellor] is something to do with money, and the President's friend Verity Juster | [The chancellor] is something to do with money, and the President's friend Verity Juster |
| EC: I'd spread it around 10 different churches and give £10,000 to the local hospital... Then I would buy a mansion. | EC: I'd spread it around 10 different churches and give £10,000 to the local hospital... Then I would buy a mansion. |
| VJ: I would buy Tescos, or I might buy Sainsbury's instead. | VJ: I would buy Tescos, or I might buy Sainsbury's instead. |
| If you had children but not enough money to feed them, what would you do? | If you had children but not enough money to feed them, what would you do? |
| VJ: Go to my parents, or an older brother or sister, or a good friend. | VJ: Go to my parents, or an older brother or sister, or a good friend. |
| EC: I would first of all start begging on the streets, secondly start praying, and thirdly, ask my friends for some money. | EC: I would first of all start begging on the streets, secondly start praying, and thirdly, ask my friends for some money. |
| GB: I'd make sure I looked good so I could get a very rich husband who could pay for things. | GB: I'd make sure I looked good so I could get a very rich husband who could pay for things. |
| Cedarwood Primary School took part in My Money Week - a schools event designed to raise the standard of financial education for young people. More than 6,200 primary school teachers and 3,200 secondary schools teachers were sent packs designed to bring more financial knowledge to the classroom. | Cedarwood Primary School took part in My Money Week - a schools event designed to raise the standard of financial education for young people. More than 6,200 primary school teachers and 3,200 secondary schools teachers were sent packs designed to bring more financial knowledge to the classroom. |
| The programme, organised by the Personal Finance Education Group, was part of an £11.5m project from the Treasury and the Financial Services Authority to help people handle their finances better. | The programme, organised by the Personal Finance Education Group, was part of an £11.5m project from the Treasury and the Financial Services Authority to help people handle their finances better. |