Financial Education

Financial Education for Children – Teaching an Essential Life Skill

Keeping your children occupied when at home and during school breaks can prove challenging. It’s a real strain, trying to keep them engaged and interested. One perfect way to help your children is financial education. It’s a skill which isn’t necessarily on the curriculum but is vital for everyday life.

Due to limited curriculum time and financial knowledge, only 4 in 10 children and young adults currently receive financial education lessons.

According to The Financial Capability Strategy, part of the Money & Pensions Service, children’s attitudes to money are well-developed by the age of seven.

Research confirms that children and young adults who receive a formal financial education are more likely to be money confident. They are more likely to have a bank account, understand debt and be capable of saving. They are also more likely to develop the skills needed to make the most of their money in the future.

Teach a life skill

This is your opportunity to put financial education on the home learning curriculum. Simple things like playing family board games together promote financial literacy. Games such as Cashflow 101 and the ever-popular Monopoly, which now has junior versions, are a good starting point. So is giving your children a small amount of pocket money. This can encourage them to save and maybe earn a small amount of interest on.

Talk to your children about how much things cost and, very importantly, set a good example. Your financial behaviour will lead the way. In addition, emphasising that material goods are not what make people happy is a good lesson, as is reminding your child that some of the most valuable things in life, like spending time together, are free.

WORDS Mark Birch

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