Educating Children About Money

Part of being a good parent is teaching your children about money. Since someone else will if you don’t, and there is a strong chance that person won’t know what they are talking about.

Does it help?

Here at Bradford District Credit Union, we believe that basic financial education from an early age is one of the most important things we can teach our children.

Teaching them about money helps them to prepare for life in the real world. Managing money is a vital skill and if our kids develop it from young age it will help them in their adult life.

In a survey done in 2019 by MAPS (Money And Pension Service) reported that less than half (48%) of children and young people remember receiving financial education at home or in school.

1. Start talking to your kids about money.

Building your children’s confidence in the topic of money will come by talking to them and involving them in financial decision-making. Try discussing different currencies, notes, and cards with them. Assist them in understanding that different things cost different sums of money.

2. Show them how it’s done.

Consider taking them grocery shopping  (or having them sit next to you if you purchase online) to get an idea of prices.

3. Let them have a go.

You may let them pay for the items they wish to purchase while you’re out and about. Even the right amount of money could be counted out by them.

4. Let them earn and manage their money.

Once they begin to understand the advantages of making their own money. You may give them chores around the house. Allow them to watch children or pick up groceries. Let them sell some of their old toys, clothes, and games online (under parental supervision). Start giving them pocket money as they get older, or even set them up with a bank account.

How BDCU can help?

We pick up good habits early on in life. Setting up a savings account in your child’s name is a good way to teach them the importance of money management and saving for the future, a habit that we hope will last a lifetime. It also helps you to save up a nest egg for your child’s future, giving them the best start in adult life.

Simply complete the Junior Savers application form and take or post it to the Credit Union office in City Hall Bradford, BD1 1HY together with the appropriate identity.

Who can join?

Junior accounts are for children from birth to their seventeenth birthday. Once your child reaches the age of seventeen the junior membership will automatically cease and be changed to adult membership. To find out more click here.

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