Should money management be taught to children?

Posted by iChild, July 07, 2021 10:49 AM

By The Next Thing to Mummy

Two children money

Many feel that financial education for children is lacking in schools. Reports say that most children don’t get any formal training in how to handle money; they learn most of their money habits from parents and peers.

I can remember learning how to budget being talked about during a home economics class when I was at school, but it wasn’t covered in any depth. Surely if managing money was a school subject then less people would fall into debt in later life.

MumandSon

Giving children pocket money is a good way to let them start trying to balance a budget from a young age.

I was brought up being told, if you can’t afford something then you shouldn’t have it. This is something we also told our own children.

When we were growing up, one of my sisters would save every penny she was given. The other one couldn’t save at all, she spent her money straight away, sometimes looking around gift shops for something to buy. I was a mixture of the two, I saved a little and spent the rest on clothes and music, mostly.

DadandDaughter

When I left home and started to buy furniture for my own house I paid up front. When I mentioned this to a relative I was told that I should have taken advantage of the interest free credit option (but I felt happier paying when I knew the money was in my bank account).

I haven’t even ever owned a credit card. But I do understand that they can work well if used correctly.

What do others think of having money management taught in school?

Dad and Son

By The Next Best Thing to Mummy

You can read her original blog here.

You can also read her blog on Pocket money.

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