Making use of discounts, cutting back on turning the heating on, and saving “little and often” are the top money-saving tips – that mums would pass on to their kids.
More than four in five mums (86%), of 6-17-year-olds, feel it is their responsibility to pass down money-saving tips and tricks to their offspring.
And of the 79% who have already begun offering money-saving guidance, other top tips included buying things in bulk (16%), and shopping in the supermarket late at night to pick up discounted items (12%).
Using cashbacks services, moving money into savings on payday, and cooking at home more often rather than eating out or getting takeaways, were other popular pearls of wisdom.
And as a result, 42%, of the 1,000 British mums polled, feel their little ones are at least somewhat cash savvy – although 8% of kids are still “very unsavvy”.
The survey was commissioned by Revolut, which has created Revolut <18 to help children and teens feel positive and empowered about money.
A spokesman said: “Money-saving tips from a young age are very important. Sharing quality time with one another to pass on good financial habits sets a child up for life.
“Setting a regular “pay day” and “challenges” for pocket money are great ways to challenge young people to complete tasks in order to receive their earnings.”
The study also found that almost half (44%) live by the adage that if they can’t afford to buy something three times over, they can’t really afford it.
And 43% remember picking up financial tips from their own mother when they were younger – while 25% got them from their father.
Two in five (41%) say they often try to teach children about the value of money, according to the OnePoll figures – including buying a second-hand car rather than a shiny new one (17%), and hunting for a charity shop bargain when shopping for designer items (20%).
More than a third (36%) teach their kids to earn money by doing chores – and, despite the cost-of-living crisis, 73% have not changed the amount of cash they hand out in pocket money each week, with the average parent shelling out £6.36.
The spokesman for Revolut added: “Our survey revealed cashback services are one of the most popular ways to save money, which 28% of mums use.
“Furthermore, we’ve seen a 180% increase in the number of customers using Revolut Rewards for cashback on everyday spending.
“It’s heartening to see from our results that not only are mums keen to hand down money-saving tips, but they have a great list of ways they’re doing so.
“If the young teens of Britain take half of these tips to heart, they’ll be set up on a really strong footing for the rest of their lives.”
TOP 25 MONEY-SAVING TIPS MUMS ARE PASSING DOWN:
- Using discounts
- Having the heating on less
- Saving little and often – e.g. a pound a week
- Cutting back on meals out and takeaways, and cooking at home more often
- Unplugging everything at home when not in use
- Cycling/walking over taking the car
- Moving money into savings on payday
- Using cashback services
- Rounding up spare change for your savings
- Mending clothes rather than buying new ones
- Buying a second-hand car instead of a new one
- Using different accounts to create money pots for different things you might want to save for
- Checking your account balance every day
- Buying in bulk
- Shopping at late hours to get discounts
- Don't always flush the toilet
- Not spending on one day of the week
- Making small payments via credit card, and paying it off straight away
- Washing glasses first to save on changing water when washing up
- Transferring money to someone else's account so you can't spend it
- Going at least a year without buying clothes or shoes
- Cutting your own hair
- Getting condiments from fast-food restaurants
- Reusing tea bags
- Turning off your car engine at red lights
