I S S U E 0 9 - F a m i l y F e a t u re
Save or spend? The financial experts from money.co.uk have compiled some key advice on the importance of teaching your children about money.
F
inance can be a difficult topic to tackle with young children, but teaching them to have a healthy relationship with money from a young age is important to lots of parents. Salman Haqqi, personal finance expert from money.co.uk, explains why teaching children how to handle money from a young age is so beneficial. He says: “Creating an environment in which you are able to speak more openly with your children about your financial decisions is vital to engaging them from a young age on the value of money. Showing them how to make choices when shopping will set up good habits and understanding of managing money. “It’s important to make sure your
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lessons are age-appropriate and that you continue to involve and teach your children about money as they grow. A healthy relationship with finances starts at a young age and children learn most of their habits from their parents.”
A healthy relationship with finances starts at a young age
1.
Start with the basics of money and finance How you introduce money to your children will partly depend on their age. A good place to
start is getting children comfortable handling cash and coins. Explain to them how money is used to buy things and that it must be earned before it can be spent.
2.
Speak openly about small financial decisions Start getting your child involved with minor financial decisions, such as which brands and items to buy when shopping. This way your child is able to understand the decisions you make, while also feeling in control of certain financial choices. Older children could also help with budgeting while shopping if you ask them to keep a running total of the items you buy. Not only will this improve their maths skills, but it can also help them to understand how www.FamilyFirst.co.uk
