The importance of teaching children about money

As my children get older I am forever them about the importance of money, including how to save, what things Mummy and Daddy pay for, tips on how to save and so on. According to research carried out by Shepherds Friendly Society, a staggering 94% of parents say that saving money is important. However, only 12% say they rarely discuss saving with their child{ren} and 13% admit to having never discussed with their child{ren} at all.

So from these statistics, it is clear that parents wish to talk to their children about the importance of money management, but their not so sure how to go about it. Shepherds Friendly have created a step-by-step guide on ‘how to teach your child money management‘ which uses real-life situations and examples to help children prepare for adulthood.

The step-by-step guide offers you great ideas on how to start teaching your child money managements skills. For example offering your child an allowance when they complete household chores and letting them spend that money on whatever they wish which will allow them to learn from any mistakes they make. These steps can be used on children as young as three-years-old which helps them to understand the importance of money at an early age.

I think saving for children is important but children also need to have financial skills in place too. There are many different saving options out there including Junior ISA accounts that can help children to save money for their future, whilst watching their money grow, teaching them the benefits of saving.

how-to-teach-your-child-about-money-management (1) Do you have any great money saving tips for children? Let me know in the comments below.

Disclosure: This post is in collaboration with Shepherds Friendly Society.

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