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CHILDREN MAY BE MORE FINANCIALLY SAVVY THAN YOU THINK


that will be repeated in later years when considering more important insurances in adult life.


There isn’t necessarily a right or wrong answer to these questions, but having the conversation with children is important.


Little and often Talking about money is key in children growing up with a healthy relationship with it. That is best done by making money part of everyday conversation.


If you are out for a meal, take a look at the prices on the menu. Discuss any special offers. Is it good value to take a two or three course set menu? What if you wouldn’t otherwise eat three courses or it doesn’t include your favourite meal?


Encourage saving Deferred gratification is not an easy lesson for any of us but it is crucial. Dividing money received, either regular pocket money or one-off, into “Spend” and “Save” pots will start giving your child the discipline that will serve them well in later life. Counting it and spending it on something exciting periodically will reinforce those good habits.


You may want to set up a bank account. Some have perks associated with children’s accounts. Look out for things like a bonus for regular saving or interactive coin counters which make paying in cash fun.


98%


of 7-17 year olds have at least some money of their own


67%


of 7-17 year olds receive pocket money


Budgeting is a key life skill, very few people are in the position of being able to buy whatever they wish. Knowing how to distinguish between what we need to buy and what we want to buy is essential to our financial well-being. Letting your child take responsibility for their money, whether pocket money or money from completing chores will allow them to develop the right habits, rather than having to change at a later stage.


As children get older, you may be able to develop the conversation


94%


of 8-17 year olds have saved their own money


95% of children above the age


of 7 are involved in how to spend their own money


Source: The Money and Pensions Service from a survey conducted in 2016


into longer term objectives. Teenagers may want to save up for a special trip or expensive pair of trainers. Why not try to help them by planning out what sources of income they have – perhaps an allowance or money they can earn from chores – and how long it will take them to save. Everyone’s budget will be different, however there are plenty of resources available to start putting something sensible together. While this may be their first budget – it will definitely not be the last!


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