Dads use tech to develop kids' money habits

Monday, November 5, 2018

  • Dads twice as likely as mums to involve their children in digital money lessons
  • Nearly half of UK parents talk about money-saving habits with their children regularly
  • Two fifths of parents (37%) wish they had been taught about the value of money
  • One in four dads use games & videos to engage children with finances

Dads are using their passion for tech and gadgetry to help nurture good money habits in their offspring. They are twice as likely as mums to use technology and games to teach their children lessons about money, according to new research from Foresters Friendly Society. 

The findings reveal that 29% of dads encourage their children to participate in their online and mobile banking activities to help them develop their financial skill-set. By contrast, just 15% of mums are switched on to using tech as a teaching aid. They are also capitalising on children’s love of video games to help build up their kids’ financial confidence, with 23% of fathers opting to use games and videos in the teaching process. This compares to just 9% of mums.

When it comes to responsibility for instilling lasting money lessons on the younger generation, over half (56%) say it’s a job for the parents first and foremost. What’s more, around half of parents (49%) claim to practice what they preach by talking to their children about the importance of good money-saving habits on a regular basis. Less than one in ten (8%) feel complete responsibility lies with their children’s educators.

As well as technology, parents are also relying on the more traditional ways to help teach their kids the facts about finance. Providing pocket money in exchange for daily or weekly chores (38%) and talking children through their own budget or financial goals and how they aim to meet them (31%) both play a part in modern parenting.

Paul Osborn, Chief Executive for Foresters Friendly Society commented:

“Money habits start to become established by the age of seven, so it’s important to supplement regular conversations about money-saving with real life practice. Embracing digital technology and video games is certainly a fun and simple way of getting those important life lessons across but there are many other ways to do this, such as rewarding tasks with pocket money or setting up piggy banks.”

“Saving early and regularly is a great habit to get in to, but it’s also a crucial life lesson and often required to safeguard children’s futures. There is a range of saving vehicles available today, for example, the flexibility of the Junior ISA means children can save up for birthdays or Christmas spends and know their money is being kept safe. It also offers a simple, tax-efficient way to invest for your offspring’s’ tomorrow – a great way to give them a helping hand when the time comes.”