Age-related white lie telling: Would you?

Our Prudent Parent explains when he would (hypothetically) fib to bag an age-related discount.

23rd January 2020 09:18

by Kyle Caldwell from interactive investor

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Our Prudent Parent explains when he would (hypothetically) fib to bag an age-related discount. 

“Tell the truth” is one of the first verbal rules parents attempt to instil in their children; but when it comes to securing an age-related discount, hypocrisy tends to set in.

According to a survey by MoneySavingHeroes, an online voucher code business, 62% of UK parents have lied about their children’s ages, with 40% of those admitting to fibbing frequently in order to get their children into places for free or claim discounts for young children.

The most popular age-related white lies are told to bag travel, theme park, restaurant and cinema discounts – saving £47 on average.

My initial reaction when this survey stumbled into my email inbox was that people are missing a trick, as there is no mention of soft-play centres. These places, in which children drugged up on sugar run around like headless chickens, make (for a northerner like myself) a £5 pint in London seem almost reasonable.

Some of these centres, alongside the child fee, also levy a charge on adults for putting their own lives at risk frantically chasing their child through tunnels, ball pits, rope bridges and slides. This is a scenario in which parents are clearly being taken advantage of, and where I would (hypothetically, of course) consider gaming the system.

This attitude could extend to theme parks in cases where both adults are required to pay the entrance fee in full, something I find hard to stomach when one parent (or indeed both) has to assume the role of spectator rather than thrill-seeker. Another scenario, honour though it is, is when an adult fee is levied alongside a child’s charge to visit Father Christmas.

My moral compass would not extend to asking my son to lie about his age, or to short-changing charities or small businesses – think city farms, family-run cake shops with soft play and the like. But when big businesses pinch the pockets of hard-working families, it sticks in the craw a little.

Does this extend to investment? One debate is that fund houses and platforms should charge less for a Junior ISA wrapper than they charge an adult investor; if implemented, it would strengthen the attraction of long-term investing for children versus leaving savings in the bank.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

This article was originally published in our sister magazine Money Observer, which ceased publication in August 2020.

These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

These articles are provided for information purposes only.  Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties.  The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

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