After implementing the Digital Explorer products for children who prudent and love to discover, Kuveyt Türk also conducted a research for children between the ages of 6-15. With the participation of children and parents, the Perception of Money and Saving Research revealed important results.
67 percent of the children gave the answer "restriction of expenditures" to the question "What is saving?". While 42 percent of the children save their allowance, 56 percent do not save at all. Children spend most of their monthly allowance on food.
While 99 percent of the children do not have a bank account, 67 percent state that banks' business is giving and receiving money, 18 percent of them state that it helps to save money and 14 percent of them to make money. 91 percent of the children want to have a debit card.
Kuveyt Türk, which effectively brings its distinguished financial products and services together with savers and investors, after presented Digital Explorer products specially designed for children to its customers, carried out an important research for children. With the "Money and Saving Perception Research" conducted by Kuveyt Türk and Xsights, an international market research and consultancy company, remarkable results were obtained about the perceptions of money and banking concepts, spending habits and savings perceptions of children between the ages of 6 - 15 living in Turkey.
“We want to Digital Explorers, who attach importance to science, are grown”
Commenting on the research, Kuveyt Türk's Executive Vice President in charge of Retail Banking, Mehmet Oral said “We aim for our children to gain experience in financial transactions and improve their financial literacy with the Digital Explorer product group consisting of Digital Explorer Participation Account, Digital Explorer Card and Digital Explorer Mobile Application specially designed for children. In order to achieve this goal, we aimed not only to limit our work to our products, but also to raise awareness in the public by measuring children's perception of savings and money. For this, we wanted to understand the perspective of money and savings by conducting a research with the participation of our children. We hope that the results of the research will shed light on our country and our industry in their studies on this subject. We consider raising children who attach importance to science and technology, who are curious, questioning and who will guide the future, as an important issue that should be adopted by the whole society. As Kuveyt Türk, we will continue to work at full speed to achieve this goal.”
Children care more about education than money to achieve their dreams
In the research covering Istanbul, Ankara and Izmir, 33 percent of the children answered the question "What is your biggest dream?" to be a lawyer or prosecutor, while the rate of those who want to become a doctor is 27 percent and the rate of those who want to become an engineer is 9 percent. According to the answers to the multi-answer questions, 93 percent of the children state that they need education to realize their dreams, 43 percent say they need money, 32 percent believe in themselves and 14 percent say they need hard work. While the rate of needing money for the 11-15 age group is at the level of 53 percent, the rate of the 6-10 age group needing money is at 33 percent. What children understand from having a lot of money is being rich with 92 percent and getting what they want with 8 percent. When children have a lot of money, 72 percent prefer to give their money to their families. 70 percent choose to spend; 53 percent choose to save.
Children spend most of their allowance on food
When asked the question "What do you spend your allowance on?" with multiple answers, 99 percent of the children participating in the research give the answer to food consumption / food. 81 percent of respondents responded to cafes or restaurants, 80 percent of respondents to stationery, and 51 percent of respondents said clothing. While 94 percent of children express that they are happier when they spend their money on themselves, 6 percent are happy with their spending for others.
More than half of the kids don't save their allowance
When asked the question "What is saving?" with multiple answers, 67 percent of them answer "it is a restriction of expenditures". While 49 percent say "it is to turn off unused electricity or water", 47 percent say "to save money". While 42 percent of the children prefer to save their allowance, 56 of them state that they do not save. The rate of the 11-15 age group not saving allowance is 66 percent, and the 6-10 age group is 48 percent.
Almost all children prefer penny banks
98 percent of the children participating in the research say that they keep their savings in their penny banks and 2 percent in their rooms. 81 percent of the children also say that when they save money, they can't wait to spend. In the answers given to the question "How do you feel when you save money?", directed towards the emotional state of the children's motivation to save money, 72 percent of the children stated that they are happy when they save money, while 50 percent state that they feel self-confident.
Bank means money to children
When asked "What do you think is a bank?" as part of the research, 47 percent of the children answer "money". 20 percent answer as "the place with money", 12 percent as "making money" and 11 percent as "the place where money is kept". Children state that 67 percent of the banks help to give and receive money, 18 percent to save, and 14 percent to make money. 99 percent of the children participating in the research do not have a bank account. 87 percent of children think they can open a bank account when they start making money, 85 percent when they grow up, 25 percent when they get permission from their parents, and 14 percent when they go to college.
91 percent of children want to have a debit card
When the bank card is mentioned, 44 percent of the children think of shopping, 41 percent means having money in it, 6 percent withdrawing money and 4 percent paying for it. While 91 percent of the children participating in the research want to have a debit card, the rate of 11-15 years old children who want to have a debit card is up to 98 percent. In the 6-10 age group, this rate is around 84 percent.