Saving our young generation

vadao

should I teach my child the importance of saving as early as 4years? or should I wait for the child to be a little bit older, I think the earlier the better.

Marie90

I think child should have true childhood without any serious adult problems. The child should be a bit older to be taught that.

olgemama

I think 4 is a bit young to have too much worry about savings.

I can't remember what age mine were when I started pocket money with them - maybe 6/7
They had £2 a week, and could choose what to do with it. I didn't buy them comics/magazines or toys or treats on a weekly basis like some of their friends got.

So if they really wanted something they had to save.

thorsoak

When I started school (way back in 1949) I was give a sixpenny bit (equivalent to 2.5 np) to get a savings stamp( I.B RedGuy's Fine Stamps - The Revenue Stamp Specialist Cinderella Stamp Archive National Savings Stamps (17) 6d Royal Blue (1944)) which was put in a book . After a certain amount of time (can't remember when) it was transferred into my National Savings Book! Kept on paying my 6d every week whilst at Infant/Junior School and in fact kept my NSavings account well into the late 1960s when I paid my maternity benefit (of £4 per week as I remember).

Spendless

I tried pocket money with mine when younger, but until they were old enough to go to the shops alone, it all became a bit meaningless.

DigForVictory

By all means play shops with them, mostly to improve their understanding of what they see most days but are too small to be included in. Explain that if you only have one pound but a bag of spuds & a bag of carrots come to £1.10 you can't have both (at home - doing this live in the supermarket does get some Very Odd Looks!) but if you buy a smaller bag of either you Can have both.

Don't start on the saving until the budget idea is solid. Then phase in real money when you're both ready & can afford it. If that doesn't pan out, you can keep it in the game & keep teaching. Markups, brands, loans - it's all doable, but takes time.
All the best!

CorrieCooper

It is too early to tell them about savings. Let them enjoy their childhood with no worries.

Kayalana99

I think it's never too early to start educating them on these sorts of things but making them age approriate. I like to just talk about this stuff but not put pressure on them. For example when my five year old got £10 in his birthday cards I told him he could save it in the bank and get more money, or I could take him to Asda to choose a toy. He obvouisly choose to go get the toy, but in my eyes I'm starting to imprint little bits of financial education/understanding in him and as he matures it might start to make sense.

indsty

It's never too young to get the idea of "saving".

"Would you like your 50p to spend today, or would you like to wait till next week so you have two 50p and you would have enough to buy xyz."

"Will we put 10p in your money box every Sunday to save up for grandma's birthday present?"

pogofish

Having come from pretty poor backgrounds, my folks drummed thrift and saving into me from a very early age and whilst I may have had something of a bank balance through childhood, I always felt left-out/poor relation when it came to having money for anything at all.

So when I got control of my own finances, I was an absolute spendthrift for far longer than I care to admit but eventually, when I had to face-up to significant debt and its consequences, all their lessons proved very valuable indeed - It was hard of course but I paid every penny of it back and am now saving very well indeed.

So I'd say to let kids enjoy their money, encourage them to save and plan achievable goals for saving of course but don't drum it into them like my lot did. Who can even cope with the concept of retirement or even buying a house at flaming four years old!

svain

pogofish wrote: »

Having come from pretty poor backgrounds, my folks drummed thrift and saving into me from a very early age and whilst I may have had something of a bank balance through childhood, I always felt left-out/poor relation when it came to having money for anything at all.

So when I got control of my own finances, I was an absolute spendthrift for far longer than I care to admit but eventually, when I had to face-up to significant debt and its consequences, all their lessons proved very valuable indeed - It was hard of course but I paid every penny of it back and am now saving very well indeed.

So I'd say to let kids enjoy their money, encourage them to save and plan achievable goals for saving of course but don't drum it into them like my lot did. Who can even cope with the concept of retirement or even buying a house at flaming four years old!

Totally agree with this. Similar for drinking alcohol (not suggesting at 4years old lol). If kids have things drummed into them what they should or shouldnt do ... as soon as they are old enough to decide for themselves they can go the opposite way.