They say you should never work with children or animals but Principality Building Society has teamed up with a school in Wales to find out what children think about homes.
Formed in 1860, Principality is Wales’s largest building society and it is committed to supporting the communities of Wales, with 53 branches and 18 agencies in Wales and the borders.
Staff from 6th largest building society in the UK went to Coedpenmaen Primary School in Pontypridd to speak to nine and ten-year-olds for six videos as part of Principality’s ‘Your House’ campaign.
The pupils were asked a range of questions such as ‘How much does a house cost?’, ‘What is a mortgage?’ and ‘Where would you borrow the money to buy a house?’ with some funny results, which can be seen on Principality’s YouTube channel.
Sara David, Principality’s Pontypridd branch manager, said: “We know that buying a home can be confusing for people so we wanted to ask children about homes to assess their level of knowledge and provide some clarity about it.
“Whilst a number of the children were very knowledgeable about mortgages and homes already we had some hilarious results from some of the children. Although many realised that different sizes and types of houses would come with a different price tag many thought that an average home would cost between £110 and £1,000, which is far less than the true cost of a home today.
“The majority also said that they would go to family members if they needed to get a loan to buy a house, which is very reflective of what is being seen in the housing market at the moment but for many people it is not possible to find a deposit in this way.”
During Principality’s visit to the school staff spoke to the children about the building society and financial education.
They also took part in creative workshops with the children where they drew pictures of what their dream house would look like with special features such as swimming pools and dogs, with one pupil even drawing a house on legs so that he wouldn’t be late for school.
Sara added: “We want to help people in Wales find their perfect house, regardless of their circumstances. Whether they are re-mortgaging, first-time buyers or moving to a new house, our advisers want to work with them to find the prefect mortgage for them.
“It is important that people start thinking about what they want from a young age to ensure that they properly plan and can afford these beautiful houses – who knows one day you may even be saving for a home with legs!”