I had a 💡 moment during a taster session of ‘Talk, Learn, Do’, a MoneyHelper resource developed to help parents & carers talk to their children about money. Children who are good with money usually learn these skills from their parents or carers. However, as we chatted, I realised that I have missed so many opportunities to support my own children’s financial awareness. But I was also reassured by my learning – and my colleague Lee Phillips MBE who led the session (& recently-honoured for her achievements in financial education) – that it definitely wasn’t too late to build new, positive habits in our family. 💸 Money is often invisible these days, certainly in our house, with all our banking done online, purchases of all sizes made at the tap of a screen, bills paid by direct debit or electronic transfer. And we haven’t really ‘done’ pocket money yet – I did get a special debit card for children but they didn’t really use it & I ended up paying for sweets & toys on my own card anyway. But without seeing daily budgeting and transactions, it’s even more important to find ways to get my children involved so they can learn how to manage money as they get older. I also worry they don’t really understand the value of money, and that’s something I want to change. I loved the resources we looked through. There’s no right or wrong approach to this, it’s about what works for your family. ✋ I’m going to start with giving £1 or £2 a week in cash as pocket money, and speak to my children about how to manage it but also that it’s their decision what they spend it on or save it for. I’m also going to think consciously about opportunities to show them how I manage our household finances – for example, showing them when I pay a bill (they might be surprised to learn that everything we use costs money!) You can find MoneyHelper (Money and Pensions Service) Talk, Learn, Do resources here https://lnkd.in/e3neg7QR #FinancialEducation #FinancialWellbeing #Education #FamilyLearning #Resources #TalkLearnDo #WhatWorks #Evaluation #MoneyHelper #Children #YoungPeople #Money #Credit #Debt #Budgeting #Saving #Learning #Money
We bumped into our neighbours with their eight year olds at the fair and the girls excitedly told us they were spending their saved up pocket money on the rides/treats. I thought this was so much better than us walking around the fair with our two as they asked to go on various rides, without understanding how much it all cost (SO MUCH!) in the short space of time that we were there! So we have started pocket money for our seven year old and he got a money box for his birthday!
Munny ®
3mo
We love the work we do with schools and colleges 🎓🙌
Nerissa Allen
3mo
Yes to all of the above 🙌🏾. Cash, and the process of actually seeing money and having to give it away to buy things, has had a much bigger impact than the Revolut card... which is almost ALWAYS forgotten at home and I end up using my money 😮💨.
Ah a good nudge Naomi.. will borrow these ideas for mine! We use gohenry but it's not the same. My youngest hoards little bits of cash from bdays etc and is now so careful with money compared to my eldest (who carries her card).
Andy Lang
3mo
👌👏
Non-Executive Chair and Director in FTSE 100 and government sector
3moThanks Naomi Phillips Good practical tips in a world of invisible money. I watched by Grandma religiously write down her weekly income and spending and I still do the same, albeit monthly not weekly. Research tells us that good money habits, built when we’re young, can last a lifetime. A great gift to give your kids. Passing to just a few of the very many amazing mothers (and a few fathers) I know, who know a bit about money themselves, hoping they can share it onwards Michelle Frost Liz Kenrick Bronagh Kennedy Claire Nicholson Claire Parlour Jeff Scott (IDP-C) Stuart Mitchell John Humpish Amanda Mackenzie Sarah Porretta Zoe Burns-Shore Louise Beardmore Allison Kirkby Leigh Smyth FRSA