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How to teach children the value of money

saw this and it looked interesting.

A_man_called_CHIOG  Male  South East London
2-Dec-2019 11:01 Message #4763986
There are many reasons why it can be challenging to teach your children about money, but the more financially savvy your children are, the better spending decisions they will make throughout their lives.
It can be difficult to know where to begin when it comes to talking about finances, particularly as parents often feel ill-equipped to give advice themselves. It’s also still a taboo to talk about money, particularly in the UK.

So how do you teach your children the value of money – and to be financially savvy?
zodiac1  Male  Flintshire
2-Dec-2019 11:41 Message #4763993
Thankful never to have had any to worry about.
terry  Male  West Yorkshire
2-Dec-2019 11:58 Message #4763994
I think there are two discussions can be had here, and it's well documented my dislike of the fiscal capitalist ideology that we love so much.

Accepting that money rules almost every decision we make in life, better education about finance is essential for people - regardless of age. How do we teach children the value of money? I can only think of one way, give them money and have strict rules that govern the use of that money, change the rules every so often so they realise and learn about misuse of money and mistrust of people....because ultimately that's what money does, makes us mistrust each other. I'll accept there are times and people we do learn to trust, but generally it encourages greed and mistrust.

The second discussion could be, is there an alternative to using money, can society find a different method of exchanging labour for what we want of life?
BOYDEL  Male  Surrey
2-Dec-2019 13:07 Message #4763995
Before cash money as we know it - most trades were done on a bartering system - but that would be utterly tedious in the modern world - and for those who have no natural gift in bartering it would be frightening to be maybe forced to give say a day's labour for a loaf of bread - assuming one even has any skills which would make one's labour saleable.

Bartering gives no certainty around cost (in wider sense) of any goods/services.

As for teaching kids in modern world about value of money - one could argue that the welfare system is not helping - insofar as the bottom line outcome (homelessness/starvation) is usually removed from the equation - and along with that the removal of a core driver to succeed in life. That core driver needs instilling during one's formative years - one way or another.
persona_non_grata  Male  North London
2-Dec-2019 13:13 Message #4763999
It’s been a while since I taught my own children about money but I still have grandchildren with a lot to learn. As terry says our lives revolve around money so it’s important to know how to earn, save and invest but it’s also important to know the value of money.
I’ve never been very materialistic and I’ve tried to teach the same. It’s great to have a good wage or savings. I’m not a naive idealist but I know money will never be able to buy the really important things in life.
I’ve tried to teach that money can be used to bring happiness and good times without being greedy or extravagant and that it can be used to help others which can also be a source of happiness and satisfaction.
BOYDEL  Male  Surrey
2-Dec-2019 13:46 Message #4764002
A little bit of relatively recent history is also useful - eg to flag that compared to the 1930s food costs are now around 4 times cheaper - but housing costs 4 times dearer for an average household.

In London/SE many will finish their education and even with decent jobs will struggle to afford more than a flat share or bedsit for many years after starting work.

Today one is deemed fortunate to be able to live alone if under age 40 - as usually finances do not allow.
Beach  Male  Dorset
2-Dec-2019 18:00 Message #4764013
My son witnessed the consequences of how wealth and success negatively changed the dynamic of his parent's marriage and, I think, as a direct result of experiencing that, he knows that there is actually more to life and living than material wealth or bling.

My daughter is just plain sensible when it comes to money though, for different reasons, she too appreciates that money is not something that should rule or dictate her life.

And as their father, I'm just pleased that they, (themselves), appreciate that just being content and happy in this world is all the resources any of us really need.

I'd rather they be content and happy rather than spending 30 years at some grindstone servicing some overpowering mortgage payment and living in misery as penance for "owning a house."

They are free spirits, (like their father), when it comes to getting by and I'd rather not see that innocence lost by them being brainwashed into needing a house, a family saloon and 2.4 children just because that is what society generally expects of them.
wonderoushen  Female  Gwynedd
2-Dec-2019 18:42 Message #4764017
I probably taught them the same way most people do, don't give them everything they want just because they want it, give them pocket money so as they have to chose how they spend it, but once its spent its spent. Maybe more can be earned through doing little jobs, like window cleaning, washing up etc and if they want something that costs more than pocket money then they have to save for it from odd job money and pocket money. Sometimes like xmas and birthdays they might be given money and isn't it fun to see that little column of numbers in your savings book get bigger? Its not really rocket science, just common sense and a little application on the parents part.
BOYDEL  Male  Surrey
2-Dec-2019 20:23 Message #4764036
Everyone has housing need throughout life - and those costs will be 2 or 3 times higher in rentals on like for like property vs home ownership over an adult lifetime - and become especially onerous once retired. Anyone who "plans" to live in a rental post retirement then needs a massively bigger pension pot to fund 20/30 yrs rent.

For the 37% of UK pop currently obliged to rent - their offspring will not benefit from much by way of inheritance.

Flatshares/bedsits may be fun at Uni and during one's more carefree twenties but becomes a tad tedious thereafter.
brisinger  Male  Lancashire
2-Dec-2019 20:48 Message #4764037
It was no secret in our house that we lived below the poverty line. However, we still got a set amount of pocket money to spend. It was way below what most other kids were getting. If we really wanted something and it was way out of a child's budget we were forced into saving the money up to a point but when we'd demonstrated that we were prepared to save no matter what they'd sometimes make up the difference.
RAACH84  Female  Buckinghamshire
3-Dec-2019 07:20 Message #4764053
Some weeks are better than others but we never have much money. As a single parent family we have grown together knowing the value of money and more than anything how unnecessary excess money is when looking at the bigger picture. One Christmas a few years ago we had absolutely nothing. We had a tree we collected from the woods which was actually a large twig but we decorated it just the same. On Christmas Day we ate sandwiches but still laughed and played games. Sat and watched a couple of films on tv.
Once you have a roof and some food most other things are not expensive or are free. We’ve laughed at times when friends have complained of being hard up while driving a car, buying a new big screen tv or an iPhone. It’s great to have those luxuries but sad they don’t realise that’s what they are.
Beach  Male  Dorset
3-Dec-2019 08:54 Message #4764060
Well said, Raach, and an outlook a million miles away from BoyDel's pragmatic, matter of fact, diagnosis.

Money is important, sure, but you and I agree, there are far more valuable aspects to life ... most of which money can't ever buy. That's the lesson I've wanted my children to learn ... and I think they have.

As to buying a house; like some areas of London, buying a house in West Dorset is not within the reach of so many 30 somethings these days.
Topaz53  Female  Northamptonshire
3-Dec-2019 09:23 Message #4764062
Great subject CHOIG and some fantastic responses.

Being a child of the fifties, I learnt at a very young age the value of money and how hard you had to work to earn it. My dad worked 2 jobs for his family...

When my husband was out of work, like many in the 70`s , I had to be very frugal, but having been brought up with good financial advice, I managed and second hand toys were bought, cleaned and wrapped. My children didn't know the difference. Coming from a big family, they didn't miss out.

I brought my children up with the same values, but unfortunately with bank loans being so easy to obtain, my son fell into serious financial difficulties , to the point he became mentally ill and on antidepressants.

As soon as I was made aware, I helped bail him out and took him to citizens advice, who helped a lot.

I think the main trouble is we live in a "buy now -- pay later" society.
Youngsters are put under a lot of pressure from their peers and feel they somehow have to compete.

Education plays a big factor as well.
I put myself through college at a young age and had my own business.
When my circumstances changed, it was back to college, to retrain and change career.
I have done this several times,
As my life evolved, so did I.

My son knows the value of this, having worked in a job he has hated fir years,he has returned to college, to learn a skill.

You may WANT many thing in life,
But do you ACTUALLY need them.
Some people will never be content with what they have !!
Beach  Male  Dorset
3-Dec-2019 10:39 Message #4764067
"I think the main trouble is we live in a "buy now -- pay later" society."

Speak for yourself, Topaz ... but don't speak for me!

BOYDEL  Male  Surrey
3-Dec-2019 11:52 Message #4764075
Topaz does though make the valid point that as life evolves - one's approach also needs to evolve.

UK life for the average person has changed radically post WW2 - in the 1940s/50s/60s most people lived in rented property - it was only as relatively recently as 1971 that we reached the 50% home ownership milestone - prior to which there was a far greater general feeling of equality - with relatively few owning property and most males having at least some manual element in their work - though shamefully females in the 1970s were paid only half the wage of a male doing same job - and only in 1974 could females get a mortgage in their sole name.

More specifically until 30 yrs ago the lower paid still had cheap rentals available - with private rentals having controlled rents since 1915 - and even by late 1980s a remaining stock of 5 million Council homes (1 million sold via RTB in 1980s).

Noteworthy though is that access to Council housing changed radically from 1977 - when allocations changed to needs-based which effectively excluded working families.

From 1989 when 6 month ASTs became the norm in new private rentals - along with market rents rather than far cheaper controlled rents - costs rose dramatically and today even outside London the average private rent is close to £900 pcm. Alongside those higher rents the most recent milestone was the 2008 introduction of Local Housing Allowance (LHA) which overnight for new claimants put half of all private rentals off limits - lowered in 2012 to cheapest 30% - and largely frozen from 2016 such that today there are almost no locations where LHA fully covers even the very cheapest of private rents.

An even more recent milestone is the 2013 law change allowing Council Housing Depts to bounce homeless cases in to private rentals - where capped LHA can oblige moving potentially hundreds of miles from their original location. That needs a massive evolution of the longstanding mindset that a young pregnant female (for example) automatically gets a free Council flat for life - especially as lone parents are now expected to work as soon as youngest child is aged 5 - as at that stage they are placed on sanctionable JSA.

Singletons below age 35 are even worse off - as if needing to claim LHA they get only around £80/90 weekly across Home Counties and far less in many other UK locations.

I wholly empathise with the philosophy that the path to contentment should derive from minimising one's wants - but for many people (from a standing start in current day UK) that does not gel with a capitalist economy.
Topaz53  Female  Northamptonshire
3-Dec-2019 18:50 Message #4764088

Totally uncalled for ,
Who said I'm speaking for you??
I'm giving My opinion not yours !
wonderoushen  Female  Gwynedd
3-Dec-2019 19:00 Message #4764089
Good post Boydell, even here rents are going up and up, its hard to get something under £500pm in one of the really scuzzy parts of the island and believe me we have some really scuzzy bits. Anything half way decent is getting on for £800pm or more, that may seem low or reasonable in other parts of the country where £1500pm is normal, but theres lwages here are quite low in comparrison to many other places and work seasonal and insecure. Most places won't take you if you are on benefits, have children or pets and many places here have no, infrequent or poor public transport and not even taxi's come out to you, children go to school on buses or trains and may live miles from thier friends. I can't imagine what that would be like for someone who's lived all thier lives in a big city with everything on their doorsteps, to suddenly find themselves with nothing familiar, no takeaways, no transport few shops and poor broadband and mobile reception.
BOYDEL  Male  Surrey
3-Dec-2019 22:20 Message #4764099
Yes W'hen I am sure many thousands of poorer households resist moving away from their normal location and that probably accounts for a lot of those who are called the "hidden homeless" eg sofa surfers etc.

A quick look for Anglesey rentals shows only 10 of any kind with only 2 below £500 pcm - though other parts of Wales are cheaper - but cheap only due to being less desirable as you say. Conversely average London rent is around £1600 and even a bedsit can be half that - with increasing numbers of professionals forced to share even in their 40s/50s.
NoSaint  Female  Devon
4-Dec-2019 07:12 Message #4764111
A sensible teaching of necessity, greed and it’s importance in comparison to other things in life.

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