Our Kids and Money

As with anything, the best way to learn — for people of any age — is through hands-on experience; I believe the best way for kids to learn how to manage their own money is by letting them taking control of it.

This doesn’t necessarily mean giving your child the rights to their university fund before they are ready, or even letting them take money when they want - as this would no doubt start a bad habit that is very likely to lead them into debt. Instead a good idea would be to set up a child account with a bank such as Nationwide or HSBC that gives the child a card to use with their account (a debit card, of course) with a monthly limit on how much they spend. This way they can see their savings grow over time - if they choose to save that is. Pocket money can even be added to this account monthly by standing order straight from your account.

As for schools, It is my personal opinion that ‘citizenship’ and the such should be kept out of schools as it interferes with the teaching of traditional subjects. However an introduction to Economics for children to young to study it may help the country out of the financial grave it is digging in future generations.