Teaching your Child
about the importance of money
It's never too early to
teach your kids about money. What's more, the sooner you
can make your offspring familiar with all things
financial, the better prepared they should be for
managing their own cash as they grow up.
As the saying goes, 'money
makes the world go round'. But despite this, money
management is still not a subject widely taught in
schools. In other words, it's over to you - the parent -
to provide your kids with all the basics about how the
pounds and pennies work.
So, here are a few ideas
Pennington who placed this article, on how to
help your children get to grips with money.
For little ones…
Toddlers and young kids tend
to have a natural curiosity for all things new, so why
not make them familiar with money at an early age by:
together various coins and making traces of them with
wax crayons. It'll introduce your kids to the look and
feel of different coins and teach them to recognise the
them a piggy bank. Whenever they get money for their
birthday or special occasions, teach them the value of
setting some aside - so they can watch their savings pot
grow over time.
them pocket money. This can help them to see how money
actually works - and what it's worth - in the 'real
world', and could be a great way of introducing them to
For older kids…
Once your kids are a bit
older, you can start giving them a bit more financial
responsibility - and let them learn by doing rather
than just showing.
not take them to open their first bank account. It's a
big financial milestone - and kids can open a current
account with parental consent at the age of 11.
them to do household chores in return for cash. Teaching
kids the importance and pride of earning their own money
is crucial - and can start with something as simple as
washing the dishes or cleaning the bathroom for a bit of
the importance of financial goals. Help your kids steer
clear of debt by encouraging them to save up for the
things they want - whether that's a pair of trainers or
a new bike.
These are just a few ideas
to get you thinking, but be sure not to forget how
valuable some lifelong money knowledge could be -
whatever way you teach them