Is it ever too soon to teach your children about finance?
Each and every one of us will have been through difficult financial situations in our lives, we will have been short of money at some time, we will have overspent but ultimately we should be passing on these experiences to our children. It is never too soon learn to start to teach your child about finance, about the value of money and the cost of living although you do need to be careful about how much detail you go into and try not to over elaborate.
If we can pass on even a small fraction of our own financial experiences to our children, over a prolonged period of time, then hopefully they can avoid some of the pitfalls we have experienced. Teaching your child the value of money at an early age can be one of the most important things you can do for them. Children of today tend to grow up quicker than those of the last decade, demand more and more money and become the target of highly focused and highly aggressive marketing campaigns.
While it is normal for a child to ask for something they like from example a TV advert or a magazine ad, we need to appreciate that as much as we may want to spoil our children they need to learn the value of money and the word "no". If your child has even the remotest understanding of finance when they move into their teenage years you have given them a very valuable lesson for later life.
Share this..
Related stories
Savings protection scheme takes toll at Nationwide Building Society
In a further reflection of the growing unease in the building society sector it was today revealed that the Nationwide Building Society has taken a £241 million exceptional charge for its share of the Financial Services Compensation Scheme. Designed to offer a safety net to retail sales in the UK the system appears to be somewhat out of sync can and accounted for a 69% fall in pre-tax profits to...
Read MoreGreek banks to reopen following Eurozone bailout
20/07/2015 Greek banks are starting to reopen after an agreement was reached with Eurozone creditors to extend their debt agreement. The Greek government has been in deadlock with their creditors over the last three weeks, as they threatened to default on their €320bn debt. However, a new agreement has been reached, allowing the country to avoid defaulting on their debts and being force...
Read MoreOsborne could merge income tax and national insurance
30/06/2014 Chancellor George Osborne could announce plans to merge income tax and national insurance (NI) into a single payment if they are re-elected in the next general election. The plan was first suggested by the Office of Tax simplification in March 2011, however, consultation on tax reform has so far been pushed back due to the complexity of integrating the two separate systems. The...
Read MoreNumber of cars in the UK falls for first time since 1946
The Society of Motoring Manufacturers and Traders has this weekend revealed a surprise fall in the number of vehicles on UK roads. It is believed that there were 220,000 fewer cars on the road in 2009 compared to 2008 which is the first drop since 1946. Even after the 0.7% fall in the number of cars this still equates to just over 31 million vehicles on the road in 2009, although there are a numbe...
Read More£1 in every £7 will be spent via smartphone by 2024
13/04/2015 New research has shown that mobile devices will be used to pay for £1 in every £7 spent in the UKs shops in the next 10 years. Last year, Brits spent £9.7 billion in UK shops via their smartphones or tablets. In 10 years time, this figure is set to rise to £53.6 billion a year, according to a study from Barclays Bank. The study predicts that by 2024 smartphones will play...
Read More