5 ways to get children switched on to saving
Thursday, August 20, 2015
Children start to develop money habits from as young as seven years old, so it’s never too early to start teaching them about saving – and it’s never too late, either! According to our survey, 77% of teenagers say they learn more about money from their parents than anywhere else, showing just how important it is to teach them good money habits. Here are a few useful tips to help you do it…
1. Pocket money as pay
When children receive regular pocket money, it helps them to think about more complex issues such as how much to spend and save. And if you set them shorter term goals to save for less expensive items, the satisfaction they feel at reaching these should help them to save up for that more expensive must-have toy or gadget!
2. Get them involved in the family fortunes
To get them thinking practically about saving, sit down and work out together how you can all pitch in to save some cash towards a special treat for the whole family – perhaps by cutting out a luxury each or saving all your 20p coins in a jar. There are lots of other ways you can get them involved at home to inspire good money management skills, from helping with the supermarket shop to talking about your credit card bills.
3. Family fun
Try some good old-fashioned board games such as Payday, in which players have to deal with various financial events and choices, including bills, loan payments and paydays and the player with the most money at the end of the game wins. You can find a game to suit any age range.
4. Game on
For the X-box generation there are loads of great educational games and apps, from Saving Squad, which teaches kids about saving and spending in a virtual world, to GoHenry, which gives children real money on their own debit card (under the control and guidance of Mum and Dad), and also shows visually how close they are to their savings goals.
5. Set a good example
Parents can be the main influence when it comes to developing money habits, so if you manage your money well, there is a good chance that they will, too. When your children are old enough to live independently for the first time the realities of managing a household budget can come as quite a shock. Sitting down and showing them your budget and outgoings can help to demystify this while demonstrating how you keep the lights on and the fridge full!
Got you thinking about saving?
Our savings plans can help you save for yourself or your children from as little as £25 a month.
This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. You should contact a financial adviser, who may charge a fee, if you want financial advice.