A pilot course that was set up in Wales to help parents teach their children about money also improved parents’ finances.
The Money Advice Service piloted an interactive group session for parents in Wales in 2016 called Talk, Learn, Do (TLD). Researchers found that there was a 15 percentage point decrease in the number of over indebted parents year after taking the course.
Understanding the financial world is important to learn from a young age as it helps children to understand value and develop financial management skills that will be irreplaceable as they grow up.
Inspired by Talk, Learn, Do course content, here are five easy ways to get young children thinking about money:
1.Through Play
2.Around the Home
- Out and About
- Give pocket money
- Dealing with ‘pester power’
Find out more about how to inspire children to learn about money here: https://www.moneyadviceservice.org.uk/en/corporate/press-release–encouraging-children-and-parents-to-talk-money-can-improve-parents-debt-levels.
The Money Advice Service has also made the course content available for parents with children aged 3-11 so you too can improve your children’s money skills. For more information visit: moneyadviceservice.org.uk/talk-learn-do
If you would like to speak to us about the importance of life insurance and planning for the future in general we’re here to help.