How parents talk to their children about money - The Money Advice Service

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    themoneyadviceservice.org.uk

    Child psychologist, Dr.

    Elizabeth Kilbey on how and when parents should talk to their children about money.

    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.

    TRANSCRIPT:

    The most interesting finding from the money advice research shows that over half of parents surveyed find it really hard to talk to their children about information related to money and managing money on a day to day basis.

    On Screen Text: "The Money Advice Service recently conducted research into the way that parents talk to their children about money"

    Even though this is a tough conversation, it’s one that is really going to help children.

    Learning to manage money is like any other developmental stage.

    It’s like learning to ride a bike.

    It’s something you have to do.

    You have to practice it, and the more you do it the better you’re going to get.

    On Screen Text: When should you start talking about money with your kids?

    I really want to encourage parents to start doing this conversation really early.

    So I want to think about primary school aged children.

    From my experience, working with children a lot, they’re really smart; they’re switched on; they know what’s going on around them.

    On Screen Text: How do you start?

    As soon as they’re part going out in the world with you and seeing what goes on - going in to shops, travelling on transport, all of those things - well, money’s part of that.

    It’s about having that conversation with them as you’re doing those things.

    It’s a great way to start

    On Screen Text: Let them have a go

    Start the conversation.

    Let them have a little practice.

    And then, let them have a go on their own.

    And think about stretching them; developing this a bit more to help them understand that when it’s gone, it’s gone - a great lesson in life - and secondly you can save up for something you want.

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