"Teaching your child life skills such as how to save, how tax works or the risks involved in gambling are invaluable."
Please be aware the below blog is older than 12 months, therefore the information may not be relevant or up to date.
I’m a huge advocate of teaching children about money from an early age. Trigonometry is all well and good but teaching your child life skills such as how to save, how tax works or the risks involved in gambling are invaluable.
Running from the 12th June until the 16th this year's #MyMoneyWeek theme is Mind Over Money and will explore risk and reward. Topics covered will help children learn how to make informed choices, manage their emotions, and perhaps most importantly, learn how to ask for help and source advice when it comes to money matters.
Of course, outside of this week there are so many other fantastic resources that run all year, two of which the whole Quilter family are pleased to support:
The Centre for Financial Capability
The Centre for Financial Capability, a new charity launched this year with the mission for every primary aged child to receive an effective and high-quality financial education by 2030. The Centre for Financial Capability has been formed by supporters of KickStart Money, an award-winning coalition of savings and investment firms – including Quilter - who have donated over £1 million to fund the KickStart
Money financial education programme, delivered by MyBnk, to over 20,000 primary pupils across the UK.
MyBnk
MyBnk is a UK charity that delivers expert-led financial education programmes for 5 to 25 year olds with schools and youth organisations. They take a holistic approach to education, using real life case studies, colourful resources, games, videos and links to popular culture to bring money to life.
These two organisations provide a superb grounding for children and the results are clear.* Among the UK primary school children who took part in the MyBnk programme:
- Two out of three UK could actively work towards a savings goal – double the national average of 34%.
- 77% of children who could not delay spending gratification now could.
- 75% who could not separate their needs and wants now could.
- 83% of those who could not correctly identify what a budget was, now could.
- There was a 31% increase in fraud awareness, such as spotting fake money.
- There was a 22% increase in understanding government finances.
It’s not just the young that benefit from financial education: most of us have more to learn about managing money. Taking a holistic approach to your financial situation allows you to understand how each element impacts upon another which, in turn, allows you to make well informed financial decisions.
That’s why from time to time we run free educational events on topics such as family finances and planning for later life. These sessions are friendly, welcoming events where members of the local community can find out more about key topics, ask questions and meet our advisers in an informal setting.
Keep an eye on our socials to see when we’re next running a session…we hope to see you and your family there!
By Daren Wallbank
*https://www.mybnk.org/our-work/financial-education/impact/
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 24/05/2023
