UK Wedding News
13/03/2015
Only half (52%) of parents said they discuss money matters regularly with their children. The key reasons parents feel uncomfortable broaching the subject of money with their kids are:
• Children shouldn't have to worry about money (43%)
• I feel awkward discussing money – even with my own children (26%)
• My parents never gave me any money advice (19%)
A lack of confidence in their own ability to manage money was also a key factor, only 43% of parents said they feel they are better at saving money than their children.
Responding to the findings, Kirsty Bowman-Vaughan, Young People Policy Manager at the Money Advice Service, says: "It's interesting to see that even though parents know they are the biggest influence on their child’s money habits, they still find it hard to talk about the subject with their kids. We know that children develop attitudes towards money at a young age, most commonly prior to seven years old and so it is important to start building good behaviours as early as possible.
"We know that talking about money isn't always easy, but it can be really fun. We've developed some useful tips and information at the Money Advice Service to help you get started.
"We also know that introducing your children to money at an early age really works. Our insight shows that the more parents talk to their children and give them responsibility from an early age, the better they are at saving and planning for the future."
(CD/IT)
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Parents Struggle To Talk To Children About Money
57% of parents in the UK agree that they are the single biggest influence on developing their children's money management skills, however 58% admit they find it difficult to talk to their child about money matters, according to new research from the Money Advice Service.Only half (52%) of parents said they discuss money matters regularly with their children. The key reasons parents feel uncomfortable broaching the subject of money with their kids are:
• Children shouldn't have to worry about money (43%)
• I feel awkward discussing money – even with my own children (26%)
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• My parents never gave me any money advice (19%)
A lack of confidence in their own ability to manage money was also a key factor, only 43% of parents said they feel they are better at saving money than their children.
Responding to the findings, Kirsty Bowman-Vaughan, Young People Policy Manager at the Money Advice Service, says: "It's interesting to see that even though parents know they are the biggest influence on their child’s money habits, they still find it hard to talk about the subject with their kids. We know that children develop attitudes towards money at a young age, most commonly prior to seven years old and so it is important to start building good behaviours as early as possible.
"We know that talking about money isn't always easy, but it can be really fun. We've developed some useful tips and information at the Money Advice Service to help you get started.
"We also know that introducing your children to money at an early age really works. Our insight shows that the more parents talk to their children and give them responsibility from an early age, the better they are at saving and planning for the future."
(CD/IT)
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