Money Box Money Box Live: Children's Finances
Nov 20, 2024
Sarah Coles, a personal finance analyst at Hargreaves Lansdown, joins the discussion to uncover the importance of children's financial literacy. They delve into Child Trust Funds, highlighting that many young people have yet to claim theirs, potentially worth up to £2,200. The conversation touches on Junior ISAs, parental strategies for fostering money management skills, and creative methods like toy jobs for teaching responsibility. Real-life anecdotes of young entrepreneurs also bring to light the significance of hands-on experience in shaping future financial habits.
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Pocket Money as a Learning Tool
- Give children pocket money to teach them financial responsibility.
- This allows them to learn from mistakes and experience both disappointment and success.
Saving for Children
- Save for children in their own accounts to promote financial learning.
- Consider Junior ISAs for long-term savings and stocks and shares for a nest egg.
The Parent Investment Fund Experiment
- Hugh gave his sons £300 each to invest, requiring proposals.
- Howell bought and resold tech products, while Rupert invested in Howell's business and currency.