Since this week is Financial Education week it seemed fitting to make last nights #MondayMoneyUK chat all about financial education.
We wanted to know whether you thought we were doing enough and what sort of things we could all do to help educate this generation about the things they need to know to become as financially savvy as possible.
We started off with a simple question and unsurprisingly the answer we all pretty much agreed on was that there wasn’t enough being done in schools….
Question 1
Q1 Financial Education is part of the curriculum but are we doing enough to educate children about money? #MondayMoneyUK @UKMoneybloggers
— Cass (@frugalfamily) November 14, 2016
.@frugalfamily @UKMoneybloggers it sounds like we don’t. Today’s MAS report showed just 40% of kids are taught in schools #MondayMoneyUK
— Andy Webb CleverCash (@AndyCleverCash) November 14, 2016
A1 Most of us find it too hard to teach our kids about money – not enough adults have the skills to be able to pass them on! #mondaymoneyuk
— Lee Balders (@HomelyEconomics) November 14, 2016
#financialeducation had been a huge problem for 25 years plus. No improvement in basic skills in that time. That’s why @FinCapStrategy vital https://t.co/mAW79Tmt7P
— Andrew Smith (@Andrew_F_Smith) November 14, 2016
I don’t think we do enough in to help children learn about money and I’d like to see more from an early age. #MondayMoneyUK @UKMoneybloggers
— Cass (@frugalfamily) November 14, 2016
Question 2
There were some great ideas shared that we, as parents, can do at home to help educate our children about money matters….
Q2 What can we do to help our children to prepare children for when they’ll need to manage their own money? #MondayMoneyUK @UKMoneybloggers
— Cass (@frugalfamily) November 14, 2016
@frugalfamily Let them hear you talk about money – “I can’t afford that” is a facts of life, nothing to be ashamed of #MondayMoneyUK
— I Debt Camel (@DebtCamel) November 14, 2016
A2 I try to show my son how a household is run & budgeted for. He won’t respond to ‘lessons’ so I’m trying the example route. #MondayMoneyUK
— Lee Balders (@HomelyEconomics) November 14, 2016
When teaching kids about money – Be open about #familyfinances: eg say how much you earn, tell them about debts etc #MondayMoneyUK
— Kalpana Fitzpatrick (@KalpanaFitz) November 14, 2016
Listen to Kalpana Fitzpatrick discuss the Twitter chat on Share Radio:
Question 3
The answer to the third question seemed to be more dependant on the child themselves rather than a set age….
Q3 What’s the right age for kids to have a debit card of their own & how do you encourage responsible use? #MondayMoneyUK @UKMoneybloggers
— Cass (@frugalfamily) November 14, 2016
@frugalfamily @UKMoneybloggers I think when they get a job is good – encouraging them to put money away instead of spending #mondaymoneyuk
— Savvy in Somerset (@SavvyinSomerset) November 14, 2016
@frugalfamily @UKMoneybloggers Get them used to cash, seeing it go/ grow, makes spending tangible & important before cards. #MondayMoneyUK
— Shire Piskie (@ShirePiskie) November 14, 2016
@thinkin_thrifty @UKMoneybloggers @frugalfamily It’s better to spend your savings than to save what’s left of your spending! #MondayMoneyUK
— TheFrugalTeen (@TheFrugalTeen) November 14, 2016
Question 4
I was a bit surprised by the answers to question four as I felt sure everyone would agree with me that it’s better to focus on education than a part time job for older teens. I actually feel differently now having heard about people’s own experiences….
Q4 Should older kids earn their own money with a part time job or should they focus on their education? #MondayMoneyUK @UKMoneybloggers
— Cass (@frugalfamily) November 14, 2016
@frugalfamily @UKMoneybloggers When they get older, a weekend job teaches teenagers. Suddenly they value money more https://t.co/fHA2X2J040
— Emma Bradley (@emmaand3) November 14, 2016
@frugalfamily @UKMoneybloggers Speaking from experience like many, I believe it is very much possible to do both but education first!
— TheFrugalTeen (@TheFrugalTeen) November 14, 2016
@FinancialCoachx @frugalfamily @UKMoneybloggers cant see how possible to get top grades, have part time job and a social life. Unrealistic.
— I Debt Camel (@DebtCamel) November 14, 2016
@frugalfamily @UKMoneybloggers Experience is sometimes worth more than just money or qualifications so yes they should #MondayMoneyUK
— Heather (@ItsonlyHev) November 14, 2016
Question 5
The ideas shared in answer to question five could make up a curriculum of important things that ALL children should be taught….
Q5 If you could teach your child one thing about managing their money, what would it be ? #MondayMoneyUK @UKMoneybloggers
— Cass (@frugalfamily) November 14, 2016
@frugalfamily @UKMoneybloggers save, save, save, save and maybe some more save ?
— the.shrewd.life (@theshrewdlife) November 14, 2016
@frugalfamily @UKMoneybloggers I don’t have kids but an understanding of where money comes from. That you need to work for it #MondayMoneyUK
— Andy Webb CleverCash (@AndyCleverCash) November 14, 2016
My #Toptop is to teach them to cook and to meal plan! That will save them ££££s every single week. #MondayMoneyUK @UKMoneybloggers
— Cass (@frugalfamily) November 14, 2016
Thanks to everyone who joined in with us last night.