Do 5 year olds actually "own" anything?
"The research showed 24 percent of five- to seven-year-olds own a smartphone"
I'm not sure that 5 year olds are capable of owning a smart phone. Ownership comes with a level of responsibility (not to lose it, break it, keep it in good repair, liability, etc). Try explaining to a 5 year old the consequence of them breaking something they "own"... This is maybe the entire problem. The parents own the smartphone and all the responsibility that comes with it. If they choose to let their 5 year old have a phone that doesn't absolve the parent of responsibility.