We found out this week that children really want to learn about money from their parents. If ever you’ve needed inspiration to start teaching your children about financial literacy, this is it. Finance Fridays is back again with news and tips on ways to get young people interested in developing good money habits. And we don’t mean just spending it.
Â Financial education now compulsory in secondary schools
The Government has agreed to incorporate financial literacy into the secondary curriculum. The Department of Education has outlined that children in Key Stages 3 and 4 will learn about â€˜financial skills to enable them to manage their money on a day-to-day basis, and plan for future financial needs’ while students in years seven, eight and nine will have an overview of finance including how money works, budgeting and managing risks. Older students will have a more in-depth education on income and expenditure, credit and debt, financial products and services, insurance, savings and pensions. The new measure is a great step in making young people more engaged and aware of financial education from an early age, but nothing beats providing them with the right set of tools to use their newly learned financial skills in practice- which brings us too…
CNN aids in teaching children to be financially responsible
Giving children real-world experience with money can help them become better savers. Bill-paying games that you can create at home are a great way to do this. CNN has created an entire lesson plan, including ideas for games around teaching teens about financial responsibility in their ˜Money 101’ series. The ˜Kids and money’ section has valuable advice on negotiating allowances, giving children relevant tasks to learn about budgeting and savings, teens having credit cards in college, and investing. We’re all for people helping to provide real-world experience around money and tools that help develop strong spending habits, which is why we created goHenry.
A place to teach kids about money and business
As the third richest person in the world, Warren Buffett knows a thing or two about money. A self-made billionaire, one of his latest side projects isÂ Secret Millionaires Club, an online animated series featuring a cartoon Buffett acting as a mentor to a group of entrepreneurial children. In addition to the webisodes, the site also features activities including games that teach kids how to save money and free downloadable lesson plans that include budgeting and managing a bank account. Children may even discover their entrepreneurial spirit by learning about starting their own businesses and seeing what other young people are doing to make money. On starting the series, Buffett said, â€œit’s never too early to help kids understand about money. Whether it’s understanding the cost of the new toy they want, or the value of saving money. Kids are exposed to money matters from a very young age, so why not help them understand it and develop habits early on? Indeed Buffett, indeed.
Kids share parent’s worries about money
We learned from the Telegraph that nine out of ten children as young as eight worry about their parents’ finances. Most parents weren’t picking up on their children’s concerns, as only a third of parents thought their children knew about their money woes.
Interestingly enough, children want to learn about finances, especially from their parents, as opposed to their teachers or the Internet. Savings rank at the top of their list for what they would like to know the most about, followed by bank accounts and credit cards.
Image kindly sourced from - http://www.telegraph.co.uk/finance/personalfinance/savings/9645501/Two-thirds-of-savers-are-losing-money-to-inflation.html