A recent survey by Money Advice Service hit the headlines on Friday last week on thisismoney.co.uk showing a clear link between the money skills and financial habits that parents have and how their children pick these up. You can read the full story here but in short, Money Advice Service found teenagers exhibited similar traits to their parents when it came to handling their finances, with young people whose parents struggle to pay off their debts being less likely to budget their own finances sensibly compared to those with parents who lived within their own means.
The survey also found that two-thirds of 15 to 17-year-olds whose families could save for 'emergency costs' had a regular habit of saving their pocket money or wages from part-time work, compared to 47 per cent from families who can't cope with unexpected costs.
We're sure no-one will doubt the fact that how parents handle money has a profound effect on their children's money skills and we're pleased that this story has received the prominent coverage it has. At goHenry we've always believed that home is the place where children learn habits that last throughout the rest of their lives - and this is true of financial habits and money skills too.
What's more, children really do learn by example and so any home environment where parents demonstrate sound financial skills is going to be a great help to children as they grow. However, sometimes we all need a little bit of help - parents included. At goHenry we're passionate about supporting families with tools that enable children to gain confidence with money and in the process making parents lives that little bit easier. So, you can understand how pleased we were when Holly Seddon, Editor in Chief of Quib.ly gave us a fantastic review on BBC Radio 2's Appy Hour, partly in response to the story.
You can listen here to the broadcast from Simon Mayo's Drivetime show - with Appy Hour starting at about 1hr and 31 minutes through.
The home is the most powerful learning environment we have; it's where our outlook and so many of our future choices are determined and it's an amazing opportunity for us to give our children great money skills that will help them through the rest of their lives. We're here to help, so if you are looking for something to make pocket money payments easier, whilst helping your children learn great earning, saving and spending habits, why not sign-up today?