New tool launched to help parents and carers teach children about money

• Online tool will help more children and young people receive a financial education at home.
  
• Money habits and behaviours are formed from a young age, so it’s important parents and carers start early.
• Only a third of adults would discuss their financial situation with their children if they found themselves in difficulty.
• Money and Pensions Service says teaching children about money from a young age is a “game-changer” as it helps develop the skills they’ll need as adults.

Talk, Learn, Do is a digital tool that provides parents and carers with the skills and confidence to talk to their children about money. It also shows why it’s important to teach good financial habits from an early age.

It breaks down important topics into fun activities and bite-sized information, such as pocket money, saving and shopping trips.

Talking openly about money helps children build healthy financial habits for later in life, but MaPS’ research shows that only a third of parents (31%) are likely to talk to their children if they find themselves in difficulty.

It can also help parents improve their own financial wellbeing. Studies evaluating an earlier version of Talk, Learn, Do have shown that some parents who completed the activity were prompted to take steps to improve their own financial situation.

The launch follows research from MaPS which revealed less than half of children (47%) have received a meaningful financial education at home or at school, with millions left without.

MaPS says learning about money can help children and young people to develop the skills, knowledge and attitudes they need to manage money well later in life, which is key to strengthening financial wellbeing and resilience across the UK.

In addition, Talk, Learn, Do is another important step towards MaPS’ target of two million more children receiving a meaningful financial education by 2030, which is set out in its UK Strategy for Financial Wellbeing.

Lisa Davis, Senior Policy Manager at the Money and Pensions Service, said:

“We understand that for many parents and carers talking about money can seem daunting. However, it’s really important to have these conversations as it can transform the relationship children have with it in the future, making them more confident and strengthening their financial wellbeing.

“Talk, Learn, Do makes having these conversations much easier and shows how children can learn about money from being involved in everyday activities. It doesn’t need to be complicated and has benefits that last a lifetime.

“We’d urge everyone to take time to talk to your children about the benefits of money and the challenges it can bring.  Doing this early can be an absolute game-changer for them and it’ll benefit your own financial wellbeing too.”

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• Talk, Learn, Do is available in English and Welsh.
• MaPS surveyed 2,228 UK adults, of whom 1,542 had children. 31% of those said they’d be likely to talk to their children about it if they fell into financial difficulty.
• The study evaluating a previous version of Talk, Learn, Do can be found here.