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Financial Education For Children

Money Doctor is a column written by Unividual's Cherie-Anne Baxter in Bristol Life Magazine. This edition she focuses on teaching children about money. We now live in a very different world to when we were kids, rising house prices, student debt...it all adds up to a less favourable future for our kids. Read up on how you can prepare them for adult life.

Planning savings for children

How to prepare children for the future

We are not trying to doom and gloom you but with rising house prices and student debt, our children are going to find it increasingly difficult to get started in adult life. That is before we even take in to account the phasing out of final salary pensions or the increasing costs of long-term care. However, there is actually something you can do about this now. In this month’s edition of Money Doctor we are going to take a look at how you can give your children a savings leg-up whilst building their financial literacy. Children learn about money from as early as three years old…it really is never too early or late!

Give your children or grandchildren a savings leg-up

As we grow up, we collect life’s experiences and put together a checklist of ideals for our kids. A loving childhood is right up there, along with them becoming kind humans who make the world a better place. Then there is the finance side of things. Putting money aside early means they benefit from starting their adult lives with savings behind them.

There are many ways, aside from a savings account, where you can grow wealth for your children. Junior ISAs offer a tax-efficient way along with a child pension. This is just the tip of the iceberg though, before you get to things like inheritance planning. There are so many ways a business like ours can give your little people a head start in life. You might not realise how affordable financial advice is and we can make sure your money works harder than it being in the bank.

Protect your children from money worries

A survey carried out by Halifax found nine in 10 children between eight and 15 think their parents worry about money AND 58% worry about it themselves. As we become more anxious about money so do our children. Whilst this is a reason to take control of your finances it is also important to build open dialogue around money. We might shield kids from real life worries, but honesty prevents them from feeling something is their fault.

Financial education for children

Money Helper say that you can start to teach your children about money from the age of three to four as they start building attitudes and habits around money from the age of five. Research shows, children who are given responsibility for money and talk about it regularly, manage their finances better when they grow up. Here’s a few ideas:

  1. Tax: HMRC have videos for young people that build a very basic understanding of tax. Have a watch of this video Junior Tax Facts and talk to your kids about tax.
  2. Income and spending: MyBnk has resources helping you explore the difference between “wants & needs”, this one in particular is a Pictionary game.
  3. The Story Of Money: Money helper do a “Couch to financial fitness” plan. There are bitesize money milestones laid out for you to have conversations with your children but they also have great resources for children of all ages which you and them would find really interesting.
  4. Saving for the future: This builds the money skills needed in adult life. Check out KickStart Money they offer online learning programmes.
  5. Money habits: Share your own good and bad money habits with your children, why not make a night of it and plan out a meal with a certain budget that everyone cooks and eats.
  6. Speak to school: Find out what education your school can supply. Financial education is taught as part of the secondary national curriculum in England, and the national primary and secondary curriculum in Wales, Scotland and Northern Ireland. For schools wanting to get their children learning about money sooner, Unividual offer free workshops to all age groups. Get in touch for more information.

You are never too young or old to start learning about money

It doesn’t matter if you are six or 60, you are never too young or old to build on your financial literacy. Why not check out one of our free financial planning guides or keep up to date with money related news resources. If you are considering whether you even have enough time to manage your own financial affairs then don’t hesitate to get in touch with one of our friendly but highly qualified financial planners.


Author & Editor: Cherie-Anne Baxter

Date: 21/02/2022

There are useful external links in this article and by clicking any of these, you are leaving the site of Unividual Ltd. Neither Unividual Ltd. Nor Quilter Financial Planning Ltd. Accept responsibility for the accuracy of the information contained in the linked sites.

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