3 ways to help your kids learn about money
Teaching children how to manage cash is essential, says Louise Hill, co-founder of gohenry, a pre-paid Visa debit card and app with parental controls for young people aged 6-18 years old. Here’s how to do it…
1 Pay regular pocket money
‘It doesn’t matter how much you give your children, but the act of paying regular pocket money helps open up conversations around cash,’ says Louise. ‘It’s so important to talk about money at home; where it comes from; why it’s important to save; that when it’s gone, it’s gone; and the role donating to people less fortunate plays in society. It’s particularly important, as we’re moving towards a cashless society, and children don’t see money physically exchange hands in the way they used to.’
2 Give your kids set tasks
‘It’s a hot topic, but paying kids to do tasks around the house can help them learn where money comes from and that it has to be earned,’ Louise adds.
3 Learn by experience
‘Help teach kids the value of money by letting them buy that “must-have” item with their own money,’ she says. ‘They’ll soon start to realise that things aren’t as
“must-have” as they originally thought when it’s their own money that’s gone!
‘And remember, letting them make mistakes is all part of the learning process, and it’s much better for them to make a £20 mistake aged seven than a £2,000 one aged 27,’ she adds.