My research Questions

Why? I chose to research this topic because the UK is experiencing a recession and I think that young people should know how to manage money so they can limit the effects of a recession on themselves.

Ethics I chose not to ask questions that caused any embarrassment or discomfort. I also asked for the questionnaires to be anonymous. Everyone who answered the questionnaires did so voluntarily.

How? I decided to get the information I needed by making a questionnaire then asked pupils in one year 7/8 class (11-13years old) to fill it in. The questionnaire is on the next slide.

Analysis of Data I gathered all the completed questionnaires together and, by hand, counted up the answers in the various sections and entered the data onto a spreadsheet.

MyFindings My Findings

Q1 Money is important Everybody agreed that money was important and a significant sum of them strongly agreed.

Q2 Reasons given for Q1 answer Most students said that you need money to mainly buy food and drink. But what surprised me was that a few of them said to it was needed to pay the mortgage and I was surprised that these answers were coming from people my age. This suggests that they know a bit more about money in life than most people think.

Q3 Did you notice the Credit Crunch? Approximately 80% of the respondents said they had noticed the credit crunch. It surprised me to find that such a high percentage of year olds actually noticed the credit crunch. This shows that children of my age know more than adults might expect.

Q4 The credit crunch is getting better

The credit crunch is getting better The high number of neither answers suggest that they have heard of the recession but dont understand the finer details of it. It also suggests that they dont feel too confident to make judgments of the economy.

Q5 How much pocket money do you get a week?

How much pocket money do you get a week? This data shows that most of the participants got either modest or large amounts of pocket money but not many got in the middle range or no pocket money. The next slides show you what you could buy with your pocket money and its equivalent in Turkish lira. Telegraph.co.uk

£1-£2 (3-6 Turkish lira)

£3-£4 (9-12 Turkish lira)

£5+ (15+ Turkish lira)

Q6 When you get pocket money what do you do with it

When you get pocket money what do you do with it As you can see, the large percentage of pupils that are both saving some pocket money and spending some would suggest that they are thinking ahead and shows an awareness for the future, but at the same time are spending some money on some cheaper items straight away to keep them content.

Q7 Do you have your own bank account? 80% of participants said that they have their own bank account. To me its surprising that so many children actually know about their bank account as I only recently found out about my own.

My parents talk about money.

Q8 My parents talk about money Now I would have liked to have worded it differently to say whether the parents talk to the children about money. Still, I didn't find it surprising that most had heard their parents talking about money because recently money has been tight in most families in Europe because of the credit crunch.

Q9 I know how much my parents spend on my clothes

I know how much my parents spend on my clothes Over ¾ of pupils knew how much their parents paid for their clothes. I think this is good and hopefully means that when they grow up they will have a clearer view how much things will cost and will be able to judge whether it is worth buying it.

Conclusion I conclude that children know more about money than, adults and themselves, might think. But also I think that there should be more lessons on money so that young people grow up educated with knowledge about money and finance. They say money makes the world go round and without money and the knowledge of it the world would ground to a halt. And no one wants that to happen, do they?