Financial education is becoming a real talking point and we are fully behind any campaign which encourages children to learn about money management.
Yet with an array of topics from stocks and shares to mortgages and repayments – what should kids learn to grapple with first? Our latest consumer poll found that over a third (37 per cent) said that kids should learn to start saving but what do you think? Unbiased.co.uk media IFA Scott Gallacher gives us his thoughts:
Given the current ‘have it now’ consumerist culture, high personal debt, and frightening lack of savings and pension provision, something is certainly wrong with the financial education of our children.
Whilst you might be surprised to learn that this is part of the National Curriculum, as with most things in life, financial education is not just down to school: parents also need to take some responsibility in this area.
Teaching your children about money can be both educational and fun.
Children love learning about money as it makes them feel like mum or dad. They enjoy playing shop, being able to buy things themselves and counting their pennies.
My own children, aged just seven and eight years old, are already being taught about the value of money, the need to save and invest, and to avoid being wasteful with money. My eldest was extremely proud when he was allowed to go into a shop on his own, buy something and come out with the correct change.
Teaching your children about money can be both educational and fun.
Whilst most would agree that children be taught the concept of saving and the dangers of debt, I would go further and say that they should understand the need for financial protection should the worst happen and, with increased longevity, also about threat of inflation.
We’ve written our own brief tale at Rowley Turton, highlighting the problems of relying on cash savings when facing decades of inflation. This tale has had such a powerful effect on our clients that one parent actually sat her two children down with the article, refusing to let them leave until they had read and, more importantly, understand the message.
