How to teach children about money
It is so important to teach children about money.
They spend so much time at school being taught about maths and English, history and geography, languages and so on. Yet every day of their adult lives they will be dealing with money and we don’t teach about this enough.
Not teaching children about money can land them in all sorts of debt. They need to have financial literacy and understanding, they need to know how to save and spend wisely, they need to make smart decisions, resist consumerism and know how to find help. Managing your money well leads not only to economic stability in adult life but more emotional stability and a better lifestyle. It is hugely important,
Understanding how important it is to teach kids about money is only part of the solution – how to do it and actually doing it is the key . Here are some great ideas to set you off in the right direction:
I love all the very practical suggestions in the Shepherds Friendly ‘teaching children about money’ infographic’ love all the very practical suggestions in the Shepherds Friendly infographic. Children learn by doing best of all so I really do think these suggestions will make a big impact.
A popular saving plan of Shepherds Friendly Society is the Junior ISA which is another great way to teach children about saving and a really tax efficient way to save for their future.
I do believe as parents teaching kids about money is part of what should do. Just as we teach them to ride a bike , say their thank you and dress themselves. Understanding and managing your money is a skill for life and so important to get it right early on.