How parents teach and talk about money also has a huge influence on children’s money skills, knowledge, and habits. The sooner you start the better, but you can make a difference at any age.
As a full-time working mum to children under ten, I have introduced conversations and activities covering financial education in everyday situations. For example, vocalising my choices during the weekly shop at the supermarket, giving them pocket money and helping them understand the concept of saving and spending.
Research shows that giving money to children regularly, setting rules around money and giving them some responsibility for money choices all have a positive impact. However, fewer than 25% of children experience all three of these at home, and not all parents feel confident talking about money.