4 Easy Steps To Help Children Understand The Value Of Money

4 EASY STEPS Foresters Friendly Society www.forestersfriendlysociety.co.uk to help children understand the value of money Learn to earn Together, decide a rate for different jobs and give pocket money on the same day every week. This will develop healthy money habits It's for more rewarding for a child to feel like they've earned their own money Average weekly pocket money by age £5.97 £5.77 £4.37 £4.32 £2.76 £3.51 £3.60 £2.71 £2.37 £1.77 £1.73 3YRS 4YRS SYRS 6YRS 7YRS 8YRS 9YRS 10YRS ITYRS 12YRS 13YRS Source Roostertank com, July 2013 It's smart to save Adult money habits are set by the age of 7 years old Encourage children to put some pocket money away in a money box every week Remind them that the longer they save for, the more money they'll have and the better the treat they'll be able to reward themselves with! Source Habil formolon and Leaning in Young Childken. May 2013, Combridge University 3 Spend it wisely At the supermarket, encourage your child to help you stick to the shopping list and avoid tempting impulse buys Ask them to compare prices to help you get the best deal Explain why you have to be careful if paying with credit cards as using them could cost you more Save money A together Let your children help decide how you can all save money towards something special Take a packed lunch to work/school and cut down on takeaways Keep a coin jar and get into the habit of saving change Time well spent O Research from the Royal Economic Society reveals that children who are encouraged to save are significantly more likely to carry on saving as adults. Invest time now and your children will reap the rewards later. EX