Something as simple as asking them to check prices in the supermarket can help them understand money better
The cost of living crisis is showing little sign of easing up this year as inflation remains in the double digits, supermarket prices continue to soar and energy bills are set to rise by around £500 from next month. While most households across Scotland and the rest of the UK have tightened their budgets and reduced spending to limit the financial impact of the ongoing economic crisis, it can be tricky explaining changes to younger members of the family.
Five top tips for teaching kids about money To help parents, guardians and carers teach children those all-important money lessons, NerdWallet’s Rhiannon Philps shares five top tips to teach kids. Lead by example Children learn by watching what adults do, which means it’s important to lead by example when children are present.
If they want something extra, it’s a good opportunity to explain that the money will not cover everything, and ask them to choose. If they have a bank account, do the same, but make sure the app updates in real-time. This way, you can show them how much money they have left and help them to budget.
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