It’s more important than ever to bring up kids to be financially savvy, says Louise Court. Here’s how to teach your children what matters – from managing their pocket money to saving. It’s never too early
I opened up saving accounts for my kids when they were born, but to my “bad mum” shame I could have been better at making regular contributions into them. I know that setting your children up to be smart financially is part of the parental remit and looking back there are loads of things I wish I’d known, and certainly wish I’d done. Most of my advice has been about working hard and avoiding debt, rather than educating my kids on how to make their money work really hard for them.
The digital revolution is changing the whole experience of money and how you manage it. Popping into your bank for some friendly advice is a thing of the past. Our children now face a cashless future, with coins and notes predicted to disappear. How that will work remains to be seen, but at the very least it must surely be bad for the employment prospects of the tooth fairy – I’m sure you can’t put bitcoins under a pillow!
Whatever form it comes in – from the physical cash you give them as pocket money to the online vouchers they may get as birthday presents – when you ask the experts, the number-one rule about money remains the same: spend less than you earn.