At just 10 years old, budding entrepreneur Saira Pandhal already has big ideas for the future.

She sells homemade necklaces and bracelets, juggling her venture when she has spare time around her schoolwork.

Saira lives in Rugby, Warwickshire, and sells her jewellery to friends and sometimes at market stalls for small events.

Saira, whose parents own a business, says she has always been surrounded by entrepreneurs: “So I also wanted to have a go as a way to earn some extra pocket money.”

She adds: “All the money I make goes into my GoHenry account as I’m saving to buy some Christmas presents.”

Saira believes the entrepreneurial skills she has learned so far will also stand her in good stead in the future, saying of her venture: “It has helped me manage my money and work towards my goals. In the last year, I managed to make enough money to get myself a new iPad!”

Asked whether she’ll carry on into adulthood, she says: “I have big ideas and would love to do something around empowering other girls to follow their dreams, whatever they may be. I have some great ideas me and my mum are working on!”

Lewis Somerville, 12, is a budding graphic designer, creating social media graphics for his family business and other firms in his local area.

He also has a GoHenry account, putting the money he earns into it.

Lewis, from Edinburgh, says he pursues his venture: “So that I had my own money to go out with my friends and buy my own gifts for people.”

He says his side hustle also helped him with a school enterprise project, adding his family “love that I set my own goals”.

GoHenry co-founder Louise Hill (gohenry.com/uk) says: “Encouraging young people to earn their own money is an empowering tool that gives more satisfaction, rather than instant gratification.”

Recent research from GoHenry, a prepaid debit card and app, suggests that, in general, many children have been feeling the impacts of rising living costs on their own savings.

It found that a third (33%) of children and teenagers have been concerned about saving up for Christmas this year as prices rise.

More than 2,000 young people aged six to 18 years old were surveyed in September.

Hill adds: “Many parents feel worried about exposing their children to the worries of adult life and want to let ‘kids be kids’, especially when it comes to the current cost-of-living crisis.

“However, young people are far more perceptive than we think.

“We know from our recent research that 71% of kids are worried about the cost-of-living crisis having heard it talked about at home, so it’s important to open up conversations about money and get kids involved rather than shutting them out.

“Families may not be able to afford all the Christmas presents their children ask for this year – which is a tough situation to be in, but there are several ways to soften the blow.”

She suggests finding lower-cost activities, such as spending a day making handmade Christmas gifts, baking, or having a big family night in with a selection of festive films.

For more distant family members, Hill says: “Proposing a family secret Santa is a great alternative, as it limits people to buying just one present each.

“For kids, it’s also a great opportunity to teach them that a small, thoughtful gift is often much more appreciated than an extravagant but less personal gift. This is a big step towards helping them manage their budgets well.”

GoHenry’s data also suggests charity donations from children jumped in the first half of 2022, compared with the first half of 2021.

“This shows just how in tune young people are with those around them, with a huge awareness of how the cost-of-living is impacting those less fortunate than them,” Hill says.

“Christmas is a great time to encourage kids to think about other children whose families may not be able to afford any Christmas gifts at all this year.

“Ask them to think about any old toys they may not use anymore, and if they might consider donating them to a local charity.”

Hill also suggests empowering children to manage the money they have saved by helping them shop around.

She suggests: “Show them how to compare prices in different shops, look out for sales, promotions or discount codes, spot hidden delivery charges and check for better deals online.”

The percentages of children and teenagers across Britain who say they are worried about saving for Christmas, according to GoHenry:

– East of England, 36%

– London, 39%

– East Midlands, 32%

– West Midlands, 39%

– North East, 24%

– North West, 32%

– Scotland, 27%

– South East, 31%

– South West, 30%

– Wales, 38%

– Yorkshire and the Humber, 33%