The cost-of-living crisis is hitting hard and many of the children in your care will be overhearing comments about rising food and energy prices. But do you actually talk directly to them about money and finances?
Russell Winnard, COO of Young Enterprise, says it is important to start educating children about money and the concept of money management – ‘financial literacy’– as early as possible. ‘In 2013, the Money and Pensions Service identified that money habits and behaviours that will stick with children for life are formed by the age of seven,’ he explains. ‘By this age, children are able to recognise the value of money and are capable of complex functions such as planning for the future and understanding the irreversibility of some choices. Moreover, evidence shows that installing positive money habits early is key in shaping financial outcomes later in life.’
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