Seven in 10 (71%) parents and grandparents believe saving is the most important aspect of managing money children should learn about, according to new research.
This is followed by understanding the value of money (64%) and how to budget (64%), a survey of over 2,000 people carried out on behalf of M&G Investments has found.
Yet despite recognising the value in teaching children about money, one in six parents (16%) admit they don’t feel confident teaching their children about managing money.
In addition, less than half of parents and grandparents (44%) say children need to understand about debt, and only one in five (22%) feel kids need to know about investing.
More than half (55%) of mums and dads feel schools too should focus on financial literacy.
These findings come during ‘My Money Week’, which starts today. The initiative, which is now in its ninth year, is run by charity Pfeg (the Personal Finance Education Group – part of Young Enterprise) and sees free resources, lesson plans, and activity packs made available to help both primary and secondary school teachers deliver personal finance lessons.
For more information, read our My Money Week guest blog from Young Enterprise and visit Pfeg.org to download its free resources.
If you’re a parent or grandparent struggling to talk to children or grandchildren about money matters, read tips from Moneywise readers on Fun ways to teach your kids about money.
These are very useful tips…
These are very useful tips and I especially agree with the saving part of it. Since many kids are using apps and digital products, a good way for them to save on stuff is using referral schemes as a means of saving money on online shopping or ordering food. One site I recommend is called Referral Codes as it has thousands of referral schemes there.