Is your child a spender or saver? 20

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.

Are you raising a spender or a saver

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.

Encouraging your kids to save

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, keep up to date by following their latest news@ForestersFriend on Twitter and Foresters Friendly on Facebook.

Foresters_Savings_MAR 2015

Is your child a spender or saver?

spender or saver

spender or saver facebook3.


20 thoughts on “Is your child a spender or saver?

  • tanya

    My son is only 5 and so far he is a spender. The only time he gets money is birthdays and Christmas from grandparents that live far away and he likes to spend it right away. He doesn’t quite understand why he should save it yet. Working on it with him though. 🙂

  • Mummy Vs Work

    I have one of each! I’m hoping as the years go by they will become a little savvy and put some away and have a little treat as I think thats the best way in life.

    Work hard to live the life you want but make sure you have little treats along the way 🙂

  • Laura

    Both of my children switch between being a spender and saver at the moment, but they are only 6 and 4 so I don’t worry too much yet. On the whole they are very good, but do sometimes like to spend their pocket money straight away on an occasional treat. I think that’s a nice balance.

  • Erika

    I don’t think that my god-daughters really think about money at all. They are still little though, so maybe it is a bit early for them.

    Great article though, does make you think!

  • JuggleMum, Nadine Hill

    I’m raising one of each at the moment! My eldest lets money burn a hole in her pocket – despite our encouragement to save and our youngest isn’t motivated by money so he just collects it when people give it to him on birthdays! I will keep on teaching them both and will be interested to see how it eventually turns out!

  • Laura

    Little man is definitely a spender, but he quite simply doesn’t understand the value for money. I am sure as he grows his comprehension of money will too.

  • Helen @ Witty Hoots

    I think we have the balance – they save up for things and they spend that money. Eldest is starting to realise that going to University will mean less spending and more saving!

  • Sarah Ebner

    We talk about savings too and we put half their pocket money on a card so they don’t spend it straight away. I think it’s great to learn that you don’t just get given treats all the time – you have to save up for them.

  • Louise Edwards

    My children like spending my money, though keep their own safely away in their piggy banks. Need to start to instill some money sense into them though. x

  • ZingZingTree

    Mine are pretty good, they don’t ask for much but then they have loads so don’t really need anything. they don’t get pocket money and they have to save half of any present money they get although they tend to save all of it!

  • Michelle

    With my son starting to earn his own money now, he’s realising he can’t be so much of a spender any more, now that mum doesn’t buy everything for him!

  • Kara

    Both my boys are great at saving but my daughter is terrible. She just has to have those shoes / that dress. Thankfully her work do save as you earn so I have made her sign up as she wants a new car

  • Stephs Two Girls

    It’s funny as my husband definitely came from a saving family whereas my Dad believed in spending it and enjoying it while you have it – I can see merit in both and hope to teach my girls a good balance x

  • Fritha

    At three we’ve not really thought about this too much but it’s something we are going to have to start thinking and talking about soon! x

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