Helping your children develop healthy attitudes and behaviours around money lays the foundation for greater financial resilience in the future.
Please be aware the below blog is older than 12 months, therefore the information may not be relevant or up to date.
As a parent, I genuinely believe you’re never too young to learn about money - which is why my daughter’s saving habits are considerably better than mine were at her age. I think she’ll be funding her own pony at the rate she’s going!
Joking aside, helping your children develop healthy attitudes and behaviours around money lays the foundation for greater financial resilience in the future, which is why events like My Money Week are so beneficial.
Running from the 13th June until the 17th, My Money Week is designed to raise awareness of the importance of financial education and get children and young people excited about money matters. You can find out more about how to get involved here.
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:
KickStart Money
KickStart Money is a coalition of 19 savings and investment firms with a vision to ensure every primary aged child receives a high-quality and effective financial education.
The coalition has contributed over £1 million to fund the delivery of financial education to almost 20,000 primary school children, delivered by the charity MyBnk.
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 events page to see when we’re next running a session…we hope to see you and your family there!
By Daren Wallbank
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 09/06/2022
*https://www.mybnk.org/our-work/financial-education/impact/
