Children so worried about cost of living they're offering pocket money to parents

It's thought two thirds of children are worried about the cost of living crisis, with many now even offering pocket money to pay for food.

The financial education app GoHenry says its survey of customers indicate that children are feeling under more pressure than ever to help out at home.

Discussions about expensive bills, rising food costs and cutting back on essentials are causing concern among the younger generations – with almost three quarters of children and teens (71%) saying they are worried about the cost of living crisis.

Over 7 in 10 (73%) are worried about the rising price of energy and 71% are worried about the cost of food, having heard these topics talked about at home.

The findings show that young people are willing to help parents pay for essentials, with a quarter of nine-year-olds reporting they would be happy to use their pocket money to contribute to the family food shop.

One family from Weston-super-Mare, the Dicksons, have told ITV News they are involving their children in financial decisions to help them understand the situation and not be worried.

10 year-old Liam and seven-year-old Benjamin said: "We try to turn the lights off if we don't need them on and turn off the heating. Also we've got solar panels so we don't have to pay for all the electricity."

Mum Michelle Dickson said: "It's quite a difficult one to know whether to be completely honest with them, to shield them so they don't worry. They obviously see a lot themselves on social media. They hear things at school. We've taken the approach of just being open and honest with them.

"With regards to food, I have noticed a big difference in grocery bills, so we try and do a little bit of bulk buying. My kids are quite sporty, so we do need lots of football boots, rugby boots. We've changed from shopping on the High Street to things like Vinted, Marketplace, those kind of things, and then we get them involved as well. So they can have a look and choose like the type of boots they want for a fraction of the cost."

Louise Hill, co-founder of GoHenry, said: "One of the great things that any parent can do for their kids is to involve them in that kind of thing. Talk to them in an age appropriate way - the way you discuss prices going up will be very different with a six year old to a sixteen year old.

"Involve children in a small way in making decisions so that they feel that they have some power and that this is not something that's happening to them."