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How do you teach your kids about money?

(3 Posts)
MEDIA: Claire Thu 13-Mar-14 16:25:39

Hi everyone,

I work for Foresters Friendly Society and we're doing some research on financial education for kids.

We want to create some 'how to guides' for parents and would like to hear your thoughts on how you teach your kids or grandkids about money. We already have a short guide which may cover things you already do, but we'd like to hear more about your own experiences to see how we can improve it.

Are there any financial things you've struggled to explain to your kids? How much do you think they take in/understand? What do you think would get them motivated to learn more about money?

We'd love to hear your thoughts.

Thanks,

Claire

You can view our short guide here: Pocket Money Savers

Give them a weekly/fortnightly amount of money to do with as they wish, but talk to them about how it will increase if they save it and what they could then buy with it etc.

If they ask for toys express the cost as 'X amount of pocket money' i.e. "that will take you 6 weeks to save for - do you want to do that?"

Talk about loan ads on TV and explain why it's a bad idea to take on a loan with a large interest rate.

Claire3390 Fri 14-Mar-14 12:36:25

Hi BeerTricksPotter,

These are great ways to help children understand how much money they have and how far it will stretch. Plus you've raised a good point about using tv ads, such as loans ads, as a discussion point too.

Thank you, these are really useful smile

Claire

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