Pocket Money Savers’ Guide: Help your children understand the value of money

Monday, March 10, 2014

Children who are encouraged to save are far more likely to continue saving as adults, according to research by the Royal Economic Society, so a little time invested now could mean your children will reap the rewards in adulthood.

It can be challenging to teach your children the value of money, especially if you struggle with your own personal finances, but adult money habits are set by age seven, according to a Cambridge University study, so time invested now will reap rewards later.

Help your child learn about the value of money with four easy steps: earning, saving, spending and starting good family financial habits.

Pocket Money Savers

 

Children like to feel they’ve earned their own money, so pocket money (on the same day every week) in exchange for chores is a great way to develop healthy money habits. Your kids should also be encouraged to save their money in a money box or piggy bank each week, and be reminded that the more they save, the more they’ll have and the greater the reward.

Saving can be fun, and you can involve your child in your daily life to encourage them to spend wisely. Draft a shopping list with your child and go out and buy those items together, ask them to compare prices, then explain how a credit card works at the till. Save for a family holiday with a coin jar and make fun packed lunches for work and school.

Download and print a PDF of our Pocket Money Savers Guide

 

Squirrelling away those savings?

Foresters Friendly Society offers a range of savings options which may suit your needs, depending on how much you want to save and how long you want to save for.

To find out more about them click here

 
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