Learning great money management habits at an early age can have a profound impact on your child`s life. The financial lessons that they learn today will last well into adulthood and will go a long way towards shaping their tomorrow.
Money is so central to the world we live in today yet children see less and less of it. So many of our transactions and payments are completed online, by phone or with plastic to such an extent that children rarely see notes and coins. Many now struggle to fully understand where money really comes from and see the cash machine or credit card as infinite resources which are magically replenished.
So how can we help our children to develop their financial literacy and be confident managing their money effectively? Giving you children some ownership and responsibility for their money is great start, and what better way than by opening them a goHenry account. As a parent and a teacher goHenry offers so much to a young person finding their way in our complex financial world.
GoHenry is a great starter bank account which gives your child the opportunity to feel financially independent whilst you retain as much control as you want and can see how they spend and save their money.
It is a significant first step for children towards financial freedom, giving your child the opportunity to make mistakes, learn financial lessons and feel more independent.
How does it work?
Children can receive a regular amount of money into their account or this can be dependent on completing certain tasks of your choice. I`ve found that children seeing the money increasing in their bank account as tasks are completed is a fabulous motivation to encourage them both to be money wise and to help around the house.
On the spending side, parents are able to limit how much can be spent in a certain time and where that money can be spent. Children feel increasingly grown-up with their personalised debit card that can be used in shops, online and at cash points (with your agreement).
GoHenry has opened up so money great conversations with my children about budgeting, prioritising and saving. I feel that children who are responsible for managing some of their money from an early age are better able to distinguish between wants and needs, thus making a great start on the long road to lifelong financial success.
Are you ready to teach your kids earn, save and spend responsibly?
Help your kids develop those essential money management life skills with goHenry’s Ultimate Guide to Kids and Money.
Are you looking for more financial education examples for primary school children? Check out the following tutorial worksheets to support your child’s learning about money:
- Money: Paying with Coins
- Counting Cash
- Counting Cash: Change from £5, £10 and £20
- Subtract with Money
- Division with Money
- Calculating the Value of a Discount