Very much in line with our Wishful Thinking category, we were interested to hear on the radio* about a recent survey conducted in Wales in which 1200 kids aged 9 to 15 years old, from a mix of urban and rural schools, were asked what they would do with £1 million (€1,4 million / $1.6 million) – as one question as part of a bigger study into children’s lives commissioned by Tesco (UK supermarket chain).
In a nutshell…
– the majority of the kids turn out to be givers – some wanting to give all the money to charity, especially medical charities such as Cancer Research, others wanting to give to the kind of charity that starts at home, ie. to family & friends who need financial help for their business, to pay off debts, or to pay for cures / treatments for various health conditions.
– about 1/3 would be spenders, and they’d spend it all apparently – boys more on fast cars and sporty things, girls more on clothes and singing lessons. One lovely insight that became apparent here was just now most kids don’t have a very accurate grasp on what a million could buy, with their spending aspirations ranging from ‘eradicating world poverty’ to ‘spending it all on sausages’!!
e.g. “I would buy an iPad or an iPhone”
– a final 1/4 reveal themselves as savers . Usually such deferred gratification tends to be more prevalent amongst middle-class kids, but in this survey the savers were not from one socio-economic group over any other.
– and a few were a mix of the above, especially a combination of giving a bit, and spending a bit.
eg. “I would buy loads of sweeties, loads of clothes, and then give the rest to charity”
The results were fairly consistent across age groups, although amongst the older kids, there was a slight decline in the numbers of givers, and a slight increase in the number of spenders.
With regards sexes, there were a few more girls revealing themselves as givers than boys, which is in line with girls on the whole being more altruistic.
We thought we would build on this survey, and ask any of you out there with kids to ask to your kids “If tomorrow you were given £1 million, what would you do with it?”
*Radio 4 Mon 3 August 2015