Parents prioritise teaching kids about money

Over 80% of parents say they talk to their children about debt and money in order to prepare them for the realities of adult life.

A survey of nearly 2,000 people, carried out by friendly society Engage Mutual Assurance, found that British parents think educating their children about money is more important that talking to them about terrorism, racism or religion.

Parents said the wide range of financial choices available in the UK, as well as our growing debt mountain, meant helping the next generation take financial responsibility was of utmost importance.

Debt and saving are the most common financial topic of parental education, according to the survey.

Not all children are currently taught about money and their finances at school, as this subject is still not a compulsory part of the curriculum. From September 2008, economic well-being and financial capability will be included as part of personal, social, health and economic (PSHE) education in secondary schools. And from 2010, personal finance will also be incorporated into maths lessons at GCSE level.

However, these will not be a compulsory part of the syllabus and students will not be monitored through exams to access their progress.

Moneywise is currently petitioning the government to include personal finance as part of the National Curriculum as a standalone subject, as part of our Kids and Cash campaign.

How to teach your kids about money at home