It’s Global Money Week – an initiative to help educate children about finances. So for #MondayMoneyUK this week we’re tackling young people, children and money.
Our host Kalpana Fitzpatrick from Mummy Money Matters guided the bloggers through the Twitter chat and you can see the best responses below.
Q1
Q1 Young people are vulnerable when they start managing their own money. What advice you would give to your younger self? #MondayMoneyUK
— Kalpana Fitzpatrick (@KalpanaFitz) March 27, 2017
@KalpanaFitz learn everything you can; save everything you can… but don’t save too much that you don’t enjoy what you have! #MondayMoneyUK
— Em (@EmmaaJaanee) March 27, 2017
I would say listen to your parents! Ask them what is good value, how much they should save etc #MondayMoneyUK https://t.co/ZDFKurUzXL
— Hannah Brice (@HannahLisaBrice) March 27, 2017
@KalpanaFitz Q1 I was always told it’s better to have something to show for your money so ended up spending it on “stuff” #MondayMoneyUK
— ThriftyMum (@ThriftyMumCom) March 27, 2017
@KalpanaFitz don’t be afraid to ask for advice! #mondaymoneyuk
— Pete Knott (@PeteKnott1) March 27, 2017
@KalpanaFitz don’t chase money for money’s sake. and those that are worth knowing don’t like you for what’s in your wallet #MondayMoneyUK
— Money for Monday (@MoneyforMonday) March 27, 2017
.@KalpanaFitz A1 Keeping an eye on your spending & earning extra in the holidays will help limit mountains of student debt. #MondayMoneyUK
— Faith Archer (@MuchMore_Less) March 27, 2017
@KalpanaFitz A1 Store cards feel like free clothes, no, they r real debt with a high % int charge. 1st credit I ever had 🙁 #mondaymoneyuk
— Mrs Mummypenny (@MrsMummypennyUK) March 27, 2017
Q2
Q2 Young people often turn to parents for financial advice. Who was your biggest influence (good or bad)? #GMW2017 #MondayMoneyUK
— Kalpana Fitzpatrick (@KalpanaFitz) March 27, 2017
My dad was my biggest influence by opening me a savings account and i loved seeing my money grow and still do! #MondayMoneyUK #LearnSaveEarn
— Kalpana Fitzpatrick (@KalpanaFitz) March 27, 2017
@KalpanaFitz A2. My big sister has ALWAYS been really good with money, always worked hard and saved. She’s a big influence #MondayMoneyUK
— Tightwad Mama (@tightwad_mama) March 27, 2017
@UKMoneybloggers my mum was so thrifty. I used to moan at her for it. Now I blog about it!
— Eat Not Spend (@foodologistgirl) March 27, 2017
A.2 My parents. I did not want to repeat their mistakes made mostly because of low income, bad decisions and vicious circles #MondayMoneyUK https://t.co/7uKrF7O6yO
— Savvy in Somerset (@SavvyinSomerset) March 27, 2017
@UKMoneybloggers Family members inspired me to steer clear of unnecessary debt. Saw the effects. #mondaymoneyUK
— MsMoneyMaximiser (@MsMoneyMaxi) March 27, 2017
@KalpanaFitz My Granddad! He drilled it into me that you save for things, not credit things #MondayMoneyUK
— Thinking Thrifty (@thinkin_thrifty) March 27, 2017
My parents. My mum is Scottish and my dad was an accountant – there’s a lot of financial savviness in that combination! #MondayMoneyUK https://t.co/7Ug1C6xlaX
— Hannah Brice (@HannahLisaBrice) March 27, 2017
Slightly jealous of all the money savvy (grand)parents tonight. I wish I had that influence rather than learning the hard way #mondaymoneyuk
— Chammy In Real Life (@ChammyIRL) March 27, 2017
Q3
3) Global Money Week does a great job promoting financial education – but what more can the UK do? #MondayMoneyUK
— UK Money Bloggers (@UKMoneybloggers) March 27, 2017
A3 Need education about money really early, in primary schools, so resources for teachers to help. #GMW2017 #LearnSaveEarn #MondayMoneyUK https://t.co/pi44nI2QZq
— Faith Archer (@MuchMore_Less) March 27, 2017
Better financial education in schools for sure #mondaymoneyuk https://t.co/Xsj8ibJ3vW
— Savvy in Somerset (@SavvyinSomerset) March 27, 2017
@KalpanaFitz in-school education of the basics at the very least; encourage people (incl companies) to be more open about it #MondayMoneyUK
— Em (@EmmaaJaanee) March 27, 2017
@KalpanaFitz @UKMoneybloggers We need to start in schools and young! By the time kids are in high school they should be learning about budgets & APR's etc #MondayMoneyUK
— Savvy squirrel (@savvysquirreluk) March 27, 2017
A3 realistically, personal finance needs to be on tv to reach people. Schools are stretched. People go for easy lessons ie tv #MondayMoneyUK
— Lee Balders (@HomelyEconomics) March 27, 2017
@UKMoneybloggers I totally agree-should be taught in schools, but the pressure on schools to teach everything is incredible! #MondayMoneyUK
— Your money, sorted (@YourMoneyCoachx) March 27, 2017
.@UKMoneybloggers @IpswichBuildSoc came into our primary school with games & apps about money & gave kids £1 to open accounts #MondayMoneyUK
— Faith Archer (@MuchMore_Less) March 27, 2017
Q4
Q4 What #money lesson do you think to you could have done with when you were at school? @UKMoneybloggers #GMW2017 #LearnSaveEarn
— Kalpana Fitzpatrick (@KalpanaFitz) March 27, 2017
A4 Think my mum did a good job teaching me about thriftiness & budgeting, so gap was about investing #GMW2017 #LearnSaveEarn #MondayMoneyUK https://t.co/d1GyfDq6wb
— Faith Archer (@MuchMore_Less) March 27, 2017
That financial markets rise and fall, the economy will change and that you need to know how to adapt your habits accordingly. #MondayMoneyUK https://t.co/88ZJ8riv89
— Hannah Brice (@HannahLisaBrice) March 27, 2017
A4 I could've done with guidance re self employment. Always told that money & jobs came from other people, not my own steam #MondayMoneyUK
— Lee Balders (@HomelyEconomics) March 27, 2017
The importance of having additional income outside your job #mondaymoneyuk https://t.co/BjuLiwuWzf
— MsMoneyMaximiser (@MsMoneyMaxi) March 27, 2017
@KalpanaFitz @UKMoneybloggers Teach kids about the impact of compound interest in the real world and you won't go far wrong! #MondayMoneyUK
— Your money, sorted (@YourMoneyCoachx) March 27, 2017
As much as I live fairy cakes, how to cook well and cheaply would have served me better #mondaymoneyuk https://t.co/s1RVh5zCnO
— Tortoise Happy (@tortoise_happy) March 27, 2017
Q5
Q5 Finally, one last tip for parents – what can they do to teach their children about money? @UKMoneybloggers #GMW2017 #LearnSaveEarn
— Kalpana Fitzpatrick (@KalpanaFitz) March 27, 2017
That what they need and what they want are very different. One of those should always be considered over the other #MondayMoneyUK https://t.co/8GK8TW9Ixe
— Chammy In Real Life (@ChammyIRL) March 27, 2017
A5 Money is important, but the most important things in life aren't things at all. #LearnSaveEarn #GMW2017 #MondayMoneyUK https://t.co/hBovFoQThR
— Faith Archer (@MuchMore_Less) March 27, 2017
Talk to them. Include them. Tell them hour many hours you had to work to buy them something they want #MondayMoneyUK https://t.co/JF5IdN0dlc
— Savvy in Somerset (@SavvyinSomerset) March 27, 2017
@UKMoneybloggers A5: Start with pocketmoney https://t.co/ZOJyhSArVg #MondayMoneyUK
— Your money, sorted (@YourMoneyCoachx) March 27, 2017
A5 I wrote a post with 10 lessons I'd like to teach my daughter about money: https://t.co/7Rj3IvoC3r #GMW2017 #LearnSaveEarn #MondayMoneyUK https://t.co/hBovFoQThR
— Faith Archer (@MuchMore_Less) March 27, 2017
@KalpanaFitz @UKMoneybloggers A5. Involve kids at every opportunity. If buying a house – talk about the process, saving etc #MondayMoneyUK
— Tightwad Mama (@tightwad_mama) March 27, 2017
Talk to children about how much you earn, debt etc – how can they manage their own finances if you're not open about yours! #MondayMoneyUK
— Kalpana Fitzpatrick (@KalpanaFitz) March 27, 2017