Is it OK to talk to children about money?
When do children start developing money habits
and who influences them?
How much pocket money should a child receive?
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Money is never an easy conversational subject,
especially with children,
especially with children,
a government backed organisation
offering people free & impartial money advice.
In the research, 58% of parents admit
struggling to talk to their children about money,
even though they recognise the importance of doing so.
One of the main reasons behind that
is that children should not have to worry about money.
But leaving this important discussion until too late
can impede the development of budgeting & saving skills.
Thanks to the research, we now know that children
start developing money habits by age of seven;
receiving a reasonable amount of pocket money at regular intervals
helps children understand how to manage money.
Child psychologist Dr Elizabeth Kilbey offers five tips
on talking money with children:
1. Subtly integrate it into the child’s life:
when you go shopping, let your child make a choice between two items
so they understand they can’t have it all.
2. It’s never too young to start:
Children shouldn’t have to worry about family finances,
but you can help them understand money without doing this.
can impede the development of budgeting & saving skills.
Thanks to the research, we now know that children
start developing money habits by age of seven;
receiving a reasonable amount of pocket money at regular intervals
helps children understand how to manage money.
Child psychologist Dr Elizabeth Kilbey offers five tips
on talking money with children:
1. Subtly integrate it into the child’s life:
when you go shopping, let your child make a choice between two items
so they understand they can’t have it all.
2. It’s never too young to start:
Children shouldn’t have to worry about family finances,
but you can help them understand money without doing this.
3. Be confident.
4. Have a go:
Money is a very practical subject and children can be very hands on learners.
Find ways for your children to handle and use money whenever possible
and having pocket money can be a great way of doing this.
In younger children, role play can be used,
for example playing ‘shop’ using pretend money.
5. It’s OK to make a few mistakes:
It's how we all learn.
It's far better for children to be making mistakes
with little or no consequences
than them facing bigger money issues when they
are older.
~ ~ ~
You can read more about this very interesting research
and get advice about budgeting and money management
We were talking about this the other day, children really need to be taught about certain financial things before they get to the stage where it's all too easy to get into debt...
ReplyDeleteYes, it's such an important aspect of life and children should be taught about money and its value.
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