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When it comes to teaching our children about or how to do anything the best way is always by example. If show our kids that we are sensible with saving money and that we have to work hard to earn the money we spend then they will get a rounded idea about finance and spending/saving.

I have three small children and I am very conscious of how much I spend and on what. I explain very carefully to my children that I have to work hard and that there are bills to be paid and expenses such as food and clothing to be paid for before we can spend on luxuries. Each of my children have savings accounts, which they know about, we have encouraged them to put money into these accounts to save for their future, such as going to university, buying their first home.

In our home we don’t give the children pocket money but we do encourage them to earn money by doing extra jobs in the home and garden. Earning makes the children feel that they have achieved something, usually we let them spend some of this money on treats.

Should children be taught about finance in schools? When I went to secondary school we were taught commerce which was a mixture of economics and personal finance, it was a very useful subject. It can’t all be left to the schools but commerce and accounts does help to formalise the learning they have gained at home.

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