With children reportedly forming their money habits from as young as seven years of age, a new report has urged parents to begin teaching good financial practice to their children as soon as possible.
The report, released by financial company Davy, says that teaching our children to have good spending, saving and sharing habits is just as important as explaining the facts of life.
And according to Marah Curtin, Head of Client Engagement and author of the report, the best way to do this is to demonstrate good money practice in order to set the best possible example for our kids.
Ms Curtin provides some simple but key measures to help parents demonstrate the importance of saving, such as getting children to save a portion of their money in a piggy bank, while she also stresses just how necessary it is to teach them about the difference between ‘want’ and ‘need’ when spending.
The report also underlines the importance of showing kids how to share their money, particularly with charitable organisations, suggesting that it is a good idea to have children make even a small donation to a cause they care about.
Concluding her report, Curtin reiterates the importance of teaching these valuable life lessons as soon as possible: “The sooner we use those moments to explain, encourage and put into practice our own values in relation to financial behaviour, the better off our kids will be – now and for the rest of their lives.”
For the full list of tips on money lesson for kids, click on the photo link below:
