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Children think going to university is cheaper than buying a car, poll finds

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Children aged between eight and 15 say a three-year degree course would cost £9,000 but it is £10,000 for a vehicle. But as many cash-strapped parents can tell them, tuition fees are typically £28,000. Eight percent believed the bill for college was just £100.

However 17 percent thought it would cost between £30,000 and £99,999. Nineteen percent guessed it would be somewhere between £20,000 and £39,999. Ten percent of older children aged 12 to 15 were more likely to say a car could be secured for under £100.

In reality, even a small vehicle is priced up to £17,000.

They were also a little off on house prices. Some children felt £150,000 will be needed to buy a home, much cheaper than the average £258,204. Twelve percent thought they would pay at least £500,000 with 19 percent saying £20,000 would be enough.

A popular pandemic choice – a new puppy – came in at an average of £300. One in five thought a dog would be £100 or less, a more extravagant five percent believed they would cost at least £3,000. But the typical cost was £1,900.

Parents Gregg and Claire Jones from Swansea hope to instil some financial sense into their daughters, Millie, 13 and Niamh, 11.

Gregg said: “It’s important that we teach our girls about the cost of things. One habit we’ve got into is asking to calculate how many weeks’ of pocket money it would take to afford their tablet, their laptop, and other expensive items.

Halifax, who commissioned the pocket money survey, said: “Getting kids involved will help build a great foundation for managing money in the future.”

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