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Easy ways to teach kids about #personalfinance

girls studyingBig news from the Minted household: Darling Son has turned 13 which means he is entitled to swop his weekly pocket money for a monthly allowance. The downside (for all of us) is that he has to use the money to buy his own clothes.

I have explained to him that he cannot wear Call of Duty and that Star Wars Battlefront is not a good look. As an extra safety mechanism, I’ve agreed to continue buying his school uniform and underwear. If all fails, he will at least have plastic trousers and a polyester shirt to dress in.

Of course, I’m being slightly unfair. Darling Son is perfectly capable of sticking to a budget and buying a new pair of jeans from time to time. He’s also got a bank account (Lloyds Under 19) which won’t let him go overdrawn. I dread some horrible mistake happening but realise that he cannot learn to manage money on his own if I keep interfering. And, if there is some terrible error and unforeseen consequences, it will surely be a valuable lesson.

This is all important stuff bearing in mind new research which found 85% of young people wished they’d been taught more about money management while they were at school. The report by the Money Advice Service also reported those youngsters thought that, if they’d received the education, they probably would have a better life.

The current thinking is that our financial habits are formed by attitudes and behaviours learned at a young age. Even so, personal finance is not taught at primary schools and inconsistently at secondary level. So here’s a chance for Skinted Minted Mums to make a real difference to their children’s later lives by handing down some sensible tips and basic money knowledge.

There are many ways to teach young kids and teenagers about saving and spending, from playing games to managing their own budgets. I’ve included some ideas in our SMM guide to teaching children about personal finance here. You can see my original blog about this here.

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Thursday, 13 December 2018