Kids don’t listen to your parents! You need to spend your pocket money and spend it right now…….Well, the pound coins anyway. In just over a months time, October the 15th to be exact, The old pound coin will be taken out of circulation and will no longer be accepted in stores.
This could have a massive effect on young children on their piggy banks. Children, in general, tend not to pay too much attention to economic policy so you would be hard pressed to find a 7-year-old who has a strong opinion on the banker’s role in the credit crunch of 2007 or the financial crisis of 2008 but I bet the kids have plenty to say on October 16th when you inform them that the pocket money they have been saving for that certain toy is gone since it no longer has value.
You may think I’m over exaggerating the point a little here since little Timmy only has £7.53, some monopoly money and a book token that grandma got him at Christmas in his money box. But According to research commissioned by Smyths Toys, over half (53 per cent) of parents with children aged from four to 14 say their children have five or more old pound coins sitting in their piggy bank.
With around 18.5 million under 16-year-olds in the UK, this amounts to over 92 million old pound coins that are set to go out of circulation.
Findings also revealed that 24 per cent of adults did not know that the £1 coins would be worthless after 15th October, with a third (37 percent) of parents saying that their child does not know either.
So kids show your parents this article, empty your piggy bank and go out there and get spending before you lose it forever! ………Or alternatively you could just take the old coins to a bank before October 15th and exchange them for new coins but that’s boring