Your Money Matters: How to help youngsters get a practical understanding of money

It can hardly be surprising that this lack of fairly basic financial education and conversation has lead to overwhelm and uncertainty around our money…which we are in danger of passing on to the next generation, so increasing, not reducing the size of the problem.

So how can we help our children get an easy and practical understanding of money if we’ve not been that confident around it ourselves?

First of all, it’s important to know that to help your children gain money confidence, you don’t have to have A-level maths or accounts, or experience in finance at work.

It’s okay not to be an expert, but don’t call yourself “bad with money” or “stupid”. You can’t be blamed for what you’ve not been taught or shown. You don’t know what you don’t know but you can learn and build your own financial resilience and confidence in the process.

If you talk yourself down, your children will be more likely to pick up and repeat your pattern of behaviour themselves, which they’re likely to pass on to their children. Introducing a positive conversation and encouraging money talk every day will naturally help them, and you, feel more comfortable around the subject.

If you want to involve a practical approach, the weekly shop is a good place to start. Encourage your children to compare the prices of branded and own-brand products. Discuss whether the name or the package is worth the extra cost, or talk about what you could buy with the money saved.

Looking to see if a bigger box or a multipack works out cheapest might feel as though too much maths is involved, but a quick look at the price label on the shelf should help you out by showing the cost per 100g or per 100mls.

Encouraging a quick check before putting the item in the trolley can save you a reasonable amount over time - with groceries, we know that a bigger box doesn’t necessarily mean better value.

Money conversation can be about more than numbers and the supermarket, though.

It’s important to encourage questions without judgement of others, and for both you and your child to be inquisitive.

Norfolk-based money coach Kim Uzzell of mymoneymovement.co.uk (Image: @Valentinestudio)

Questions you could discuss and debate can include:

• What’s more important than money?
• If you were given £100 today, what would you do with it, and why? Ask too, how their choice would make them feel.
• What are you grateful for today, that we can’t use money to buy?
• Is everyone who has a big house, rich?

Remember, a healthy conversation is good for you and for the next generation. It can be serious, it can be imaginative, it can be curious.

For more from Norfolk-based financial expert Kim Uzzell head to mymoneymovement.co.uk or follow her on Instagram @kimuzzellmoneycoach.

The EDP has launched the Your Money Matters campaign (Image: Archant)

YOUR MONEY MATTERS

If you are looking for financial help and advice, here are some of the resources you can turn to locally.

Norfolk Citizens Advice
Offers free, confidential and impartial advice on debt, benefits and money issues.
0800 1448 848
ncab.org.uk

Money Support Service
Norfolk County Council service for those needing help with budgeting.
01603 223392 (option 4)
norfolk.gov.uk

Community Action Norfolk
Charity offering help including warm homes and collective oil buying scheme.
01362 698216
communityactionnorfolk.org.uk

Norfolk Community Foundation
Charity that runs schemes including nourishing Norfolk and community shops.
01603 623958
norfolkfoundation.com

Norfolk Assistance Scheme (NAS)
Helps people who are in financial hardship and cannot pay their living costs.
0344 8008020
norfolk.gov.uk

The Trussell Trust
Free 'Help through Hardship' helpline and food bank search tool.
0808 208 2138
trusselltrust.org