More than nine in 10 (93%) 11 to 18-year-olds are aware of the cost-of-living crisis, a survey has found.
Around three-fifths (61%) in this age group worry about their parents or guardians not having enough money for them to do what they want or have what they need, according to the research from Yorkshire Building Society.
More than three-quarters (77%) of the 1,000 11 to 18-year-olds surveyed across the UK said their parents or guardians have talked about the need to cut back to save money.
Within this group more than a quarter (27%) of households are cutting back on essentials such as groceries or fuel, according to the findings.
The majority (58%) of households where cutbacks are being made are reducing energy use where they can and a similar proportion (55%) are trying to reduce spending on takeaways or eating out.
The cost-of-living crisis is leading to children and young people worrying about what it means for them and their families
The Society has launched a “money minds” online financial education platform for children and young people aged 11 to 18.
Stephen White, interim chief executive of Yorkshire Building Society, said: “Our research has highlighted that the cost-of-living crisis is leading to children and young people worrying about what it means for them and their families.”
Imran Hussain, director of policy and campaigns at Action for Children said: “This Yorkshire Building Society research is further evidence that children and young people worry about their family’s finances.
“The families on the lowest incomes will be hardest hit by the current cost-of-living crisis and more must be done to protect children and young people from its pain and misery, helping them to have safe and happy childhoods.”
Last week, Chancellor Rishi Sunak unveiled a support package to help households cope with surging living costs, including a £400 energy discount per household.
The measures include a one-off £650 payment to low-income households on benefits, paid in two instalments in July and the autumn.
Pensioners will also receive a £300 payment alongside winter fuel payments, while £150 will be paid by September to people receiving disability benefits.
