Why it's crucial to learn to save at an early age

Mother imparting financial wisdom (Getty)

CHILDREN have never been more keen to learn about pounds and pence, so why not take the time to teach your kids some important money skills?

A new survey has revealed that one in three youngsters aged between eight and 15 already worries about money.

And in many cases, they are picking up on their parents’ anxieties about their family’s finances.

Halifax’s research found that boys were particularly likely to worry about cash with 37% saying it was a concern, compared with 30% of girls.

However, the good news is that parents now feel more confident about teaching their children how to learn good financial habits.

More than four in five said they felt comfortable talking about money with their children, up from three-quarters when similar research was carried out in 2015.

But what’s the best way to broach the topic of money with your kids?

Giles Martin, head of Halifax Savings, said: “It’s never too early to start talking to children about finances.

“It helps them to understand the basics of money management such as saving, budgeting and spending responsibly.”

Here are his top tips:

Get your kids into the savings habit by encouraging them to save regularly.
Develop a savings plan. Saving money is often as hard as earning it, so encourage your children to put some of their pocket money aside.
Talk to children about your family’s bills, explaining all the different outgoings and how you cover the cost from your earnings.
Get them involved in managing the family purse strings. Take them to the supermarket and discuss how to pick out the items you need, while comparing prices.

Mr Martin added: “If kids develop good financial skills from an early age it will help equip them for adulthood, and will establish good money habits for life.”

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