How to teach children about money is an important topic to me. In my earlier years, I did not manage my money particularly well as my parents always made it seem that everything was OK in the family when sometimes I have found out in later life times were tight. I was not a great one for wanting stuff as a child and teenager but if I did know that whatever I asked for, I would get even if I had to wait until a birthday or Christmas.
How to teach children about money
When I had my children, I was determined they should be equipped to understand about managing finances well. On the one hand, they have got pretty much everything they have wanted in material terms with them having to wait sometimes following on in that family tradition. I have tried to get them into a rewards system for doing chores but that is still a battle I am still fighting. However they do understand about working out what is coming in and what is going out and my teenager has recently shown good saving habits. I hope I am getting it about right.
I am delighted that more schools are putting financial education in place and respect Martin Lewis and others for their work in this area.
I am pleased that so many charities can help people who get into financial difficulties and also that they are getting greater promotion in mainstream and social media.
I don’t think there is anything wrong in telling children when you are struggling a bit with money whilst also telling them that you will look after them and keep them safe and secure. I think children should also be taught that there are many ways to be rich in life that do not involve money at all and to remind them what fun they can have free of charge with a little imagination, learning and laughter.
To discover my other thoughts read why it is all about the money!