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The best resources for teaching your kids about money

Teaching your kids about money from a young age can help them be more financially secure in later life. Here are some excellent resources to engage them.

09/11/2023
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The Royal Mint recently unveiled a new set of coins to mark the King’s ascension to the throne. The design reflects King Charles’ love of the natural world, with various native flora and fauna on one side of the coins.

However, the King also wanted them to be an educational tool for children. So, the reverse side of the coins have large, clear numbers designed to help children learn to count and recognise different denominations.

While cash use is on the decline, this is still an excellent initiative because introducing financial concepts as early as possible can be very beneficial.

Teaching your children or grandchildren about money from a young age may give them more confidence as they get older and start managing their own finances. Ultimately, this means they can develop good habits such as budgeting and saving early, and they may find it easier to achieve their financial goals in life.

Unfortunately, many children feel they don’t get the financial education they need. According to IFA Magazine [1], 65% of students said they aren’t taught the core personal finance skills they want to learn at school.

That’s why it’s important for parents to educate children about money matters at home. While it can be challenging to engage them, there are some excellent resources that make financial education more accessible and exciting for kids of all ages.

Read on to learn about some of the best resources for teaching your kids about money.

Money games make financial education more engaging

Talking to children about the importance of budgeting and saving is unlikely to get them excited. Instead, it may be useful to find fun activities that incorporate basic concepts about earning and spending money.

Money games are the perfect option here because financial education is tied into a game that your children can enjoy.

Many classic board games such as Monopoly or The Game of Life, for instance, involve handling and spending money. This can help children understand:

  • Different denominations
  • The concept of change
  • The idea that money is finite and they must consider how they spend it.

Additionally, many video games have a currency system that allows the player to earn money and spend it on various in-game items. Playing these games can help children understand the concept of saving money to buy more valuable items.

By playing games, your child could passively learn some basic money management skills. You can then use this as a jumping-off point for more advanced conversations about money.

Money apps can help your child learn about budgeting, saving, and investing

Putting lessons into practice is often the most effective way to help children develop financial literacy, and there are some excellent apps for this.

For example, Gimi is a brilliant family app for managing pocket money. You can link a child’s bank account and schedule their pocket money, as well as create jobs that they are paid for completing. There are some great savings functions on there too, so your child can learn all about earning and saving money.

When they are slightly older and more confident managing their own money, GoHenry is a brilliant option. They can have their own debit card, but you have control over their spending and receive notifications when they make a purchase.

The app also includes “Money Missions” – simple learning tools that teach basic financial concepts to young children as well as teenagers. You can pay them for completing these tasks, to incentivise them to learn more.

For older children and young adults, Investmate is a great app that teaches everything about investing. It has lots of video lessons to watch, as well as a demo mode that imitates the stock market, so your child can safely practise choosing investments.

This is a valuable tool for teenagers as many people fail to invest because they don’t feel they have the knowledge to make decisions about where to put their wealth. Fortunately, if they learn these skills from a young age, they can begin investing early, which may make it far easier for them to reach their long-term financial goals.

Money podcasts teach advanced concepts to teenagers and adult children

Having a financial expert explain advanced concepts to your children is a brilliant way for them to improve financial literacy at any age. So, as they reach their teenage years and beyond, money podcasts are a valuable resource.

For practical, everyday money tips, they may want to listen to The Martin Lewis Podcast. In it, the “Money Saving Expert” Martin Lewis discusses consumer finance topics and helps listeners find ways to save money and stretch their budget further. This may be a good basis to help your children manage their spending when they take control of their own finances for the first time.

The Money Clinic podcast with Claer Barret, the consumer editor of the Financial Times, also covers a range of topics that are likely to affect your adult children. She answers questions on anything from investing to financial scams or estate planning, using the real-life situations of guests to teach crucial lessons.

Alternatively, if they want to explore the world of investing in greater detail, the AJ Bell Money & Markets podcast is ideal. Their regular episodes give timely updates about the markets and any outside factors that may affect investments.

Get in touch

If you need help setting up a financial plan that involves talking to your children, get in touch.

Please visit our contact page or speak to your adviser.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

[1] 25.10.2023, Lack of personal finance education leaving over a third of students unprepared for life after school, IFA Magazine

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Benchmark Financial Planning is an Appointed Representative of Best Practice IFA Group Limited which is authorised and regulated by the Financial Conduct Authority, the registration number is 223112. Registered office: Broadlands Business Campus, Langhurst Wood Road, Horsham, West Sussex, RH12 4QP. Registered in England and Wales No 07572431.

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