How can I teach my children about finance?
There are many subjects that are taught in schools up and down the UK but many people believe there is a lack of practical lessons in areas such as finance. We are not suggesting that children in their first years of school should be hit with the full array of financial services available but they should at an early age begin to recognise the value of money. Teaching a child about money, savings and the cost of living is an early stage will make them more aware of issues which may arise in the future.
Many children leave school at 16 and move into full-time employment unaware of the taxation system, cost of living and expenses associated with going to work every day. Even just a few pounds a day can make a difference to somebody on the minimum wage so the earlier we can catch children at school and teach them about financial planning the better for all concerned. Credit cards, loans, overdrafts, mortgages and other financial services will be placed in front of many people from a very young age with the various temptations and possible problems they bring.
We live in a world today where finances need to be monitored and ultimately we all need to live within our means. Teaching this at an early age can and does result in much better financial planning for those moving into the workplace in the future.
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