- Start early
Investing little and often from a young age can make a significant difference in a young person’s future, giving them a head-start towards financial security. Like the proverbial early bird, the earlier you invest, the more time your money has the potential to grow – helping to set your children up for a life of financial well-being.
- Make it fun
It’s undeniably a trying time for parents, as the UK faces rocketing inflation and food costs. However, there are a variety of quick and easy ways to begin teaching children about money. Little ones can learn about budgeting by helping with the weekly shop or planning an outing, and about the benefits of saving with their own cash account.
- Set a good example
As a parent or grandparent, you’ll be your youngster’s biggest champion, so it’s important to remember that you are the biggest influence on their money habits. How we manage our own finances and how we talk to our children about money can benefit them far more than any one-off educational activity.
- All things being equal
There’s no avoiding it – the girls in your family will face financial challenges boys won’t. It’s therefore important to not only make our daughters and granddaughters aware of the challenges they may face, but also give them the tools to beat them. Make sure you’re teaching girls the same things as boys. Budgeting and building wealth are equally vital skills and should be taught to both boys and girls.
- Set a goal
Educating tomorrow’s generation about the benefits of budgeting, saving, investing and giving back are crucial life skills, but having a set goal always adds a tangible purpose. Whether it’s buying a first home, paying for further education or travelling the world, putting funds away early in life can make it achievable.
To summarise, teaching your children about money can help them make a positive start to their savings journey. By financially empowering them from an early age, you can help them feel like they’re in control of their finances and give them the confidence to ask for that promotion or pay rise at work!
Not sure how to approach the subject? Talk to Wellesley to find out how we can help.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and the value may fall as well as rise. You may get back less than the amount invested.
SJP Approved 10/05/2023