A recent survey shows that as many as one in two parents are worried about their children’s financial stability as adults due to a lack of financial understanding, which is not without reason, as indebtedness is a big problem for many people today. In order to equip the future generation with the necessary knowledge, we are now launching our initiative the Penny Pep in more countries across Europe.
A survey conducted by Norstat for Alektum Group found that between 34 and 49 percent of European parents, depending on the country, expressed concerns about their children’s financial ability and the potential challenges they might face as adults.
“As a debt collection company, we see the consequences of not having sufficient financial knowledge. Over-indebtedness is a real concern, especially among young adults, as financial problems early in life can be difficult to fix,” says Moa Tyborn, communications and marketing director at Alektum Group.
Want to counteract the negative debt development
Research shows that children’s attitudes towards and habits around money begin to develop as early as the age of six to seven. At the same time, money today is a very abstract concept as cash disappears more and more. This makes it difficult for parents to explain, and for children to understand what money really is. That is why we are now launching the Penny Pep in more countries throughout Europe. The purpose is to help parents talk about money with children, and increase financial literacy in society.
“It is incredibly important that you as a parent talk about money with your children in a natural way in everyday life to give them a strong foundation as adults. Through the Penny Pep, we want to increase the engagement of parents, but also give them guidance and tools to have the money talk with their children,” says Moa Tyborn.
The core of the initiative is our websites as well as our Instagram accounts, where parents and other adults can get lots of tips and advice on how to talk about money at home in a way that children understand.
In Sweden, the Penny Pep has existed since 2021, and has since gained a lot of attention and dissemination. Almost every third Swedish parent knows about the initiative and thousands of people get tips and guidance via social media and the website.