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‘I want to see my money go up, not down’ – Doncaster boy, 9

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Image source, Hayley Coyle/BBC

Image caption, Theo, nine, has been saving up money since he was just six

A nine-year-old boy who loves saving money said he plans to have £10,000 by the time he is 18 so he can buy his first car.

Theo, from Doncaster, has already put away £600 and even loans money to his family.

New research suggests that 85% of children want to learn more about budgeting and personal finance at school.

Theo told the BBC: “I want to see my money go up, not down.

“I’ve been saving money since I was six.

“I’m going to get a job when I’m 13 or 14 to reach my aim of £10,000, then I will try and get a car.

“It’s important to learn about money at school so I don’t have to ask other people for it.”

He added: “My mum has borrowed money off me so we could go to the museum – but she paid me back!”

Theo gets £5 a week pocket money and more for extra chores and saves all his birthday and Christmas money.

Theo’s father Benjamin Grice, 33, said his son developed his love of saving from his mother but they both want to instil good financial sense in their children.

Image source, Hayley Coyle/BBC

Image caption, Theo said it’s important to learn about money at school

He said: “We have had money troubles before and we don’t want the children to go through the same thing.

“If Theo wants something – not needs – I tend to ask him can we take it out of his money. So that will determine how much he wants it.

“And he normally says, ‘no’!

“If he needs it, as parents try and give what we’ve got.”

Benjamin said he thought Theo’s goal of £10,000 was attainable because he already had a good work ethic.

According to GoHenry, the pre-paid debit card for children and teens, more than 40% of primary school children were worried about leaving school with no money skills.

Image source, Hayley Coyle/BBC

Image caption, Theo’s father Benjamin, 33, said he is ‘surprised’ at his son’s willpower

Mr Grice continued: “I am proud of Theo and his willpower has surprised me.

“For a young boy £600 is a lot of money to have and he does very well adding to it.

“He’s got a lot of children at school talking about saving money too, so that’s another positive thing.”



Read More: ‘I want to see my money go up, not down’ – Doncaster boy, 9

2024-04-18 13:53:28

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