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How to teach kids more about money feature
Families Education How to teach your kids more about money
by Gillean Dooney
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Approaching the topic of money with your kids can often seem
like a daunting task. Many parents are unsure of the best time to start introducing it and struggle to verbalise it appropriately for young children to understand. As a mother myself, I’ve learned the best ways to simplify the concept of money for kids over the years - and the earlier the better!
A great place to start is by chatting to your kids about everyday items that cost you money as a family household, such as sharing how much you spend on weekly groceries and how you’ve budgeted for past holidays, family meals out or other leisure activities. Helping your kids understand that none of these things come for free will allow your child to slowly get a grasp on the concept of money from a young age. You can then help them build on this as they get older.
Whenever your child receives money, whether that be for birthdays or Christmas, encourage them to save a percentage so they can start to see their money grow. Teach them that out of sight means out of mind and explain the benefits of stashing it away so that they can use it for something they truly need one day in the future.
If you’re looking for a fun way to engage your kids around the topic of money, why not play board games that involve handling cash? For example, Monopoly is a great way to show how money can be used to purchase a house, as well as teaching children the importance of having ‘emergency funds’ available. Not only are these games educational and a great bonding moment for families but the important money management themes will stick with them for the long run.
Another way to get stuck in with a creative financial lesson is to set up a tuckshop at home. By giving your kids a set amount of money to spend on snacks and treats each week, this is an easy way for them
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Pocket Money
Giving your children pocket money from a young age is a good way to get them thinking about and handling their own money. You could create a list of weekly chores and then award them with pocket money once these tasks are complete - whether that’s dog walking or doing the dishes. In fact, new research from Barclays revealed how much parents value having their children lend a hand around the home, with over two thirds (68 percent) rewarding them with pocket money.*
Having a specified amount of money to spend each week will teach them to prioritise what items they need the most, and how to distinguish between ‘want’ and ‘need’, based on their allocated budget. For example, they may have to choose between saving up for a new toy they’ve had their eye on versus buying a birthday gift for their friend. *Consumer research was conducted by OnePoll surveying 1,000 parents with children under the age of 16 in the UK between the dates of 19.11.21 and 23.11.21
