With the majority of children now being home-schooled during the pandemic, many parents are struggling to keep them engaged and interested, as well as being concerned about their education and development. One good way to help your children is by teaching them a skill which isn’t necessarily on the curriculum but is vital for everyday life – financial education.
Schools and colleges
Many schools and colleges would like to increase the time spent on financial education but are hindered by the curriculum, a busy timetable and a lack of financial skills and knowledge. As a result, only four in 10 children and young adults currently receive formal financial education lessons.
According to The Financial Capability Strategy, part of the Money & Pensions Service, children’s attitudes to money are already well-developed by the age of seven, so it’s best to start early, ideally from pre-school years. Evidence shows that children and young adults who receive a financial education are more likely to be financially confident, save regularly, have a bank account and generally have the skills needed to make the most of their money in the future and avoid getting into problem debt.
Games can teach a life skill
Choosing what is on your home learning curriculum could give you the opportunity to try some financial education. It doesn’t have to be complicated, simple things like playing family board games together can help to promote financial literacy; games such as the ever popular ‘Monopoly’ and ‘Game of Life’ have junior versions and are a good starting point.
Giving your children a small amount of pocket money on a regular basis can be a great way to teach them the real value of money, by encouraging them to save up only for the things that they really want. It can also show the value them of putting money into a savings account to earn a small amount of interest.
Setting an example
Talk to your children about how much things cost and very importantly, set a good example; your financial behaviour will lead the way. A good life lesson is to understand that material goods are not necessarily the most important things in life and some of the most valuable things, like spending time together, are free.