This week we have a video for you which looks at ways of educating your children on the value of money and how they can be prepared as they grow up.
Research by the Bank of England found only a quarter (27%) of youngsters in the UK enjoy school lessons about money. The study revealed kids thought using real money in real situations would help make learning more fun.
Here are the top tips:
- Giving children pocket money for doing household chores can help them appreciate the effort that goes into earning cash and encourage a strong work ethic.
- Talking to children about money helps them to understand budgeting and the difference between essentials and luxuries.
- Making it easy for children to visualise how their money can grow may encourage them to save.
- Putting children in charge of budgeting for a big day out can boost their financial awareness and make them more comfortable handling money.