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What do your kids understand (and misunderstand) about money?
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Son aged about 25 was complaining he couldn't afford something or other and blamed the cost of his car insurance. He had just been renewing at the extortionate rate he'd been paying as a newly qualified driver, as he thought that once you went with an insurance company you had to stay with them! I saved him over £700 on his renewal.I’m a Senior Forum Ambassador and I support the Forum Team on the Competition Time, Site Feedback and Marriage, Relationships and Families boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com All views are my own and not the official line of Money Saving Expert.1
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My daugther is 15 and seems to understand it quite well, when we buy her clothes she is always aware of the cost etc. We got her a current account when she was 13 that we pay her pocket money into so she could learn to budget, and she's quite good at keeping some spare if she wants to go out with her friends.
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At the ripe old age of 25 or thereabouts I finally had to buy my own toothbrushes and toothpaste and I was shocked. My dad was a dentist so had always been given promo packs to hand out to patients and so of course we all used those in our household. I obviously took some with me when I left home but eventually needed to actually buy some. Lightbulb!
On the other hand my OH still has trouble understanding finance. I knew when I heard I was going to be made redundant at the beginning of this year that I had to find an OH appropriate way to tell him about this. To him "no job" = "no house". I carefully ensured I was all excited about the large payout I would be getting at the perfect time as pensions could be able to kick in and that we were so lucky compared to the 20 somethings that I worked with. Not sure he understands even now. But he's pretty and is a good cook!!I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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My nephew is terrible, his plan is 'get bitcoin, become rich, no job needed'.He is 16 and hasn't worked out that you need money to buy sufficient bitcoin to become rich or that prices go up and down.May you find your sister soon Helli.
Sleep well.1
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