Belfast Telegraph

Parents avoid talking money with kids

By Vicky Shaw

Only half of parents regularly discuss money with their children, with many adults saying they lack the confidence to do so, according to a Government-backed body.

The Money Advice Service found that just 52% of parents often chat to their children about financial matters.

Those who said they found broaching the subject uncomfortable tended to say that children should not have to worry about money, that they felt awkward discussing money or that their own parents had never given them any money advice.

Parents most commonly started equipping their children with money skills at the age of eight, at around the same time their child started to receive pocket money.

But previous research by the service, which is an independent body set up by the Government to offer money tips, has found that children have already started to form the habits that will lay the groundwork for how they handle money in the future by the time they are just seven years old. This suggests that parents are generally leaving it too late to start talking about money.

Kirsty Bowman-Vaughan, young people policy manager at the Money Advice Service, said: "Children develop attitudes towards money at a young age, most commonly prior to seven years old and so it is important to start building good behaviours as early as possible.

"We know that talking about money isn't always easy, but it can be really fun."

Belfast Telegraph