Kids save more than their parents' generation with nine out of ten saving money, but one in five (18%) of 11-16 year olds owe cash to friends and family, with the average amount owed at £19 giving a total playground debt of £15m.
The Santander 1|2|3 Mini study, which questioned 11-16 year olds about their saving and spending habits, found that one in eight (12%) children believe owing people money is "normal", raising concerns that Britain's youngsters are becoming comfortable with debt.
It also showed, one in five (18%) children aged 11-16 years currently owe someone money, with the average amount outstanding being £19, rising to £50 or more for one in 10 (9%).
But it's not all bad news as in total, 94% of today's 11-16 year olds set money aside for the future, with over a quarter (26%) already saving for college and university, and 8% even saving towards a house deposit. The average amount saved by these savvy school kids is £336 per year.
Reza Attar-Zadeh, Director of Retail Products for Santander UK, said: "Learning about money is one of life's most important lessons. So while we are pleased to see that nine out of 10 children save money, one in five have also borrowed. Whilst we don't want to foster a culture of debt, it is important that young people grow up with a good understanding of how money works."