Do you worry about your children being money savvy? I am going to admit that I do. I have one child that is currently a spender and one that is a saver and I really want to drum money management in to both of them.
It seems that I am not alone in my concerns, but that they could be misplaced according to the results of a recent survey by Foresters Friendly Society, a mutual financial services provider, which are highlighted in the infographic below. I was surprised by the fact that 73% of the respondents are saving for their children. Perhaps this should not surprise me, but with both my parents being dead I realised that my boys will not have a nest egg or windfall from them like other children might.
Can you change a spender to a saver?
I believe that you can educate your children and that doing it as early as possible gives the best chance of moderating a spender.
As much as I want my children to be smart shoppers and get the best deals, this still focuses on spending. I want my children to think more frugally and consider if they really need to spend money at all.
I want the boys to ask themselves important questions such as
“Do I really need it?”
“Could I borrow it?”
“Do I have something I could use instead?”
Going from being a spender to being a saver requires a change in attitude and a change in behaviour. So I understand that I need to encourage saving and perhaps incentivise it.
I love that it’s worth making an effort to talk to your kids about money management as over 75% of the teenage respondents have learnt good money sense from their parents, although just under 85% wish that they had received better financial education lessons at school. So do not rely on school to teach them, make conversations about money and finances something that happens regularly at home.
Foresters Friendly Society offers a range of savings options which may suit your needs, depending on how much you want to save and how long you want to save for. To find out more about them visit www.forestersfriendlysociety.co.uk, keep up to date by following their latest news, @ForestersFriend on Twitter and Foresters Friendly on Facebook.
Is your child a spender or saver?