will be less able to handle money than they are.
In my experience children will be ill-equipped to deal with their own finances as there’s too much jargon to wade through and not enough practical guidance in school. However, a third believed imparting their own experiences could help children learn and improve their chances.
So with all this in mind, I’ve listed six alternative ways of teaching your kids about money, without mentioning the phrase “money doesn’t grow on trees” once!
1. Teach them the real value of money in terms of working hours.(Have you ever explained how many hours it would take you to pay for those fashionable trainers? It’s a scary thought, but depending on your hourly rate it could even take you a few days)
2. Challenge them to see if they can wait until next pocket money day to spend this week’s allowance.
3. Ask them to come up with their own money saving ideas.
4. Encourage them to start putting money aside and explain it in terms that they understand.(For example, tell them that they can buy one small treat every week or they could wait a few more weeks and be able to afford something more expensive)
5. Ask to borrow some money from them to test their reaction.(You might be surprised by generosity or shocked to hear that they want it back in full plus interest!)
6. Play a game based on your priority expenses.(For example, you could get them to guess which is more expensive – the monthly Electricity bill or the latest video game. They’ll be surprised to learn how much things cost and relating it to things they know and love will help)
Finally if you’re telling your kids a bit too much that money doesn’t grow on trees because there’s nothing left to spend a financial review may help.