Almost half of parents believe that teaching children the value of money is one of the most important life lessons they could possibly learn. New research produced by Clydesdale and Yorkshire Banks, reveals that 48% of parents consider teaching youngsters the value of money to be in the top three most important life lessons.
The majority of parents believe it is only behind ‘morals’ and ‘good manners’ in terms of valuable life lessons. As UK families tighten their purse strings more than ever, many believe that it’s important for younger generations to understand the value of money.
The financial lesson starts at home with 93% of parents saying they personally teach their own kids about money matters. The research also found that schools are also helping children to learn about money. The research found that 18% of parents confessed that nobody had ever taught them about money while at school. In contrast, just 9% of school children say that nobody is teaching them about money.
“We understand the importance of children receiving financial education from a young age,” said Steve Reid, Retail Director for Clydesdale Bank. “Financial education is an important part of growing up and it is encouraging that so many primary school children are already learning about the value of money both at school and at home. Hopefully this will increase in time as financial education becomes more accessible.”
One way to help teach your child the value of money is with a savings account or junior ISA. From 1st November, millions of children will be eligible for the new savings scheme, which replaces the Child Trust Fund (CTF). Much like an adult ISA, savers will be allowed to deposit a limited tax-free sum. A junior ISA will allow parents, grandparents or family friends to regularly contribute up to £3,600 tax free, per year for children under the age of 18. However, only children who DO NOT have a CTF will be eligible for a Junior ISA.
