October 01st, 2014
I was recently asked by Sky TV to comment on the recent announcement that the Department of Education was introducing
finance management into the curriculum for secondary school children. About time too and this is certainly a step in the right direction, as all parents have a moral duty to ensure we make our children safe with money. Managing money is a life skill and needs to be taught both at home and at school. We give our kids swimming lessons in order to keep them safe in water -we don't throw them in the deep end and expect them to swim.
In order to make our children safe with money we need to be giving them some pocket money or an allowance and allow them to earn extra for additional jobs or duties.
My own daughter is at boarding school and the other day reported back that for the last few months she was really proud of herself for managing her monthly allowance so well. Indeed she was 8p under spent last month and I had to smile to myself with the thought that my 15 year old has taken on my values of budgeting and looking after the pennies!
I get many parents saying they are sick and tired of kids asking for things; why don’t they value what they have? Why are they always asking for more? We call this pester power and it is symptomatic of our current world where instant material gratification is the norm. Are our children spoilt or is this a popular myth? So many parents today become confused with how to cope with the bombardment of advertising messages and children’s demands for more. It’s hard to be clear and firm and consistent with kids and to not succumb to pester power. It can be so difficult to say NO when faced with your children telling you "you're the best mum in the world. I love you so much - thanks for buying me that game."
Parents have the biggest influence on children’s financial behaviour so in order to raise a generation of sound financial citizens here are our 4 top tips to ensuring canny consumers, savvy savers, generous givers and insightful investors!
Does your child get pocket money or an allowance? At what age did they understand the value of money?
If you have tweens or teens this may be becoming a hot topic of conversation, so do check out our latest teen workshop where we explore values and boundaries and learn how to connect with teens, even when they want more and we say no!
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'The Teenage Years - setting then up for success.' is running on 8th October 2014, 7:30-10pm in Clapham. Click here for details and don't worry if you have missed it contact us so we can let you know when it is running again.
Elaine and Melissa