Parents and carers

At Young Money you will often hear us say that learning about money should be like learning to read – you learn that at school, but it needs to be reinforced at home as well. Here we give you some tips and resources for how to teach your children about money at home.

As parents or carers, it is essential to pass on good money habits, and to start from an early age as possible.  The first step is to break the British taboo and actually talk to your children about money.  This is the most important thing you can do at home to reinforce their financial education.  Luckily, as parents there are lots of opportunities to do this!

Top tips

We are often asked for what our top advice would be to parents – so here are five of our practical tips on how to help your children learn about money at home...

  • Talk to your children about money. It sounds simple, but this is the most effective way to help your children understand personal finance. Explain how you arrive at financial decisions, what’s in your budget (or if you don’t have one, why not do one together?) and how different aspects of dealing with money make you feel.
  • Teach them where money comes from. We’re an increasingly cashless society, and thanks to the invention of cashback it’s easy for children to assume that the supermarket is the source of all of your funds. Showing your child your payslip and explaining what you had to do to find employment are good ways of building financial understanding.
  • Set savings challenges. If you give your child pocket money, talk to them about setting a savings target and encourage them to adopt good habits early. This is a good opportunity to introduce ideas around keeping your money safe and planning for the future.
  • Explain the difference between needs and wants. Contrast examples of goods they need every day, such as food and clothing, and items or toys they might want, but don’t need. This is a great way of introducing the concept of saving and the need to exercise restraint in their spending, as well as helping them to understand that sometimes times will be hard and you won’t be able to afford everything everyone wants.
  • Involve them in the weekly shop. As you go around the supermarket, ask your children to choose the best-value combinations of set products and get them to do the adding up as you go from aisle to aisle. As well as learning valuable lessons, your new helpers can make your job easier at the same time.

Resources and guidance - children aged 3-11

Resources and guidance - children aged 11-19

*Some of these resources are a number of years old, however they still contain some great ideas!