MoneyHelper: six tips for six weeks of summer – how to teach your children about money

In this month’s MoneyHelper financial guidance column, Gavin Morris, East-Midlands Regional Manager at the Money and Pensions Service (MaPS), shares six tips on how to teach children about money over the six-week summer holiday.

Why teach money

MaPS research shows that young people are currently entering adulthood without the knowledge and skills to effectively manage their money, and only one in four children receive a meaningful financial education at home.

But teaching money matters – those who get a financial education are more likely to be active savers and are more confident talking about and managing money.

Gavin shares his six tips for teaching money over the six-week summer holiday:

1. Start early

It’s never too early to start teaching children about money – children begin picking up money skills between the ages of three and seven.

It’s also never too late, so don’t worry if you feel that you’ve ‘missed the boat’.

MoneyHelper’s Talk Learn Do content has helpful guides on talking to children about money depending on their age.

Also see MoneyHelper’s guide on how to teach teenagers about money.

2. Talk to them

As parents and guardians, you are the most important influences on your child’s attitude towards money, and a better financial understanding around money will come from enhanced conversations with them.

Talk Learn Do by MoneyHelper features a specific article on how to talk to your children about money to help structure these conversations.

3. Discuss digital

The way children engage with money is evolving with the digital age.

Children’s understanding of the value of money is being shaped by the lack of physical money and instead by the ‘beep’ of your phone as you tap-to-pay.

When talking about money, make sure to have the digital money conversation too.

4. Involve them

There are lots of ways to get children involved in household finances that will help them learn more about money.

For example, they can help to make the shopping list or decide on what treats they’d like to buy with a certain budget.

5. Stick to your own rules

Only around a third of parents or carers say they set rules around how their child’s money is spent. If you’re teaching your children about money, make rules and stick to them.

This can include setting a maximum budget in their pocket money for spending on sweets and treats.

Doing this can reduce pestering. See MoneyHelper’s guide on how to handle pestering for more.

6. Relax

Don’t panic – you’re probably doing more than you think!

Children will pick up on small cues around what you say and do around money.

So don’t worry if you haven’t started teaching them directly about money yet – that's why Talk Learn Do by MoneyHelper exists.

Learn more

All these steps, tricks, and tips will have a huge impact on your child’s understanding of and relationship with money.

To learn more visit MoneyHelper.org.uk