Children not ready for financial responsibility
New research conducted by NatWest uncovered reasons why children feel unprepared for their financial futures. The report found that 55 per cent of children aged between 7-15 worry about their lack of financial knowledge. Nearly two-thirds of parents (62 per cent) also worry their child will grow up without a good grasp of managing money; 41 per cent of parents admit they don’t talk about money management at all with their children, and nearly half (47 per cent) feel more comfortable talking to their children about sex and relationships than money.
Robyn Wright, church courses manager for Christians Against Poverty in the UK, said: “Financial education in today’s society is essential. Children are growing up in a cashless society where many of the barriers to spending are removed. They don’t see money or how it works; parents are increasingly paying with card or using contactless payment as opposed to counting out cash. Today’s society talks about poverty and debt less than ever before, so the younger generation are not seeing or hearing about budgeting or getting the financial education that they need.”
John Kirkby, CAP founder and international director, said: “It’s so important to talk about your money together as a couple but also with your children. It has a wonderful effect, because as children are growing up they learn to make money choices; looking at what they can and can’t have.”
Five top CAP money tips for parents with children:
1.) Involve children in some of the household spending decisions, such as: “What food should we get in the shop?”
2.) Explain the reasons behind decisions you have made, eg: “We cannot go to the theme park every weekend because it costs too much money.”
3.) Make any example you use applicable to children, so in regard to saving: “Would you like sweets now or a new football later?”
4.) Use stories to explain more complex concepts such as debt. In the CAP Money course material we explain the cause and consequence of debt in a story format.
5.) Teach the basics of income (where it comes from) and expenditure, this could be done with rewarding children with pocket money for chores and encouraging them to spend / save it wisely.
Child’s behaviour affected by father’s attitude
According to new research, there are fewer behavioural problems in preteen children whose fathers have confidently embraced parenthood. The research, co-authored by Maggie Redshaw, a developmental and health psychologist at the University of Oxford, reveals that a father’s emotional response as well as security in their role as parent and partner was more important than involvement in childcare and household chores.
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