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Kirsty Bowman-Vaughan from the Money Advice Service on how parents should talk about money to their children as they grow up.
The Money Advice Service is set up by government and offers free and impartial advice, tips and budget planners for all life's money matters.
We're here to help you make better financial decisions.
Parents need to talk to their kids about money because of that vital role they play.
On Screen Text: The Money Advice Service recently conducted research into the way that parents talk to their children about money
Research we’ve published before shows that actually from the age of three, kids are able to learn about money and by the age of seven, many have the money habits - what they think about money - are already set for how they’ll behave when they’re an adult.
On Screen Text: Tailor it depending on their age.
As children get older, it’s good to change how you talk about money.
So it needs to be relevant to them.
So when they’re very young, it’s talking about the difference between different types of money; money’s place in the world; how you use money when you go out and shop.
But as kids get a bit older - when they’re teenagers - it’s really good to give them a bit of responsibility.
So don’t just give them pocket money.
Give them pocket money on a set basis - weekly, monthly basis - so they know what money is coming in, they know what they’re responsible for and it gives them a chance to practice budgeting and saving up for something that they want.
On Screen Text: Let us help you start the conversation.
We’ve got a great range of advice at our website - moneyadviceservice.org.uk - and it’s crammed full of tips, guides and videos to help parents start that conversation.