Parents should open up a
MDM Associates, an independent financial advisory firm, reports that taking early action will teach young people the value of money.
Lisanne Mealing, managing director of the company, explained that talking children through their statement and then allowing them a debit card as they get older will help them learn the importance of saving.
“That then starts to give them the idea of some financial responsibility – you’re trusting them because they’ll have access to that account themselves,” she said.
Ms Mealing recommended paying pocket money into that account so that children can budget for the month.
The Times Online reports that a NatWest survey found that half of young people want more advice about how to manage their money.
It claimed that many were frustrated by parental cliches such as “money doesn’t grow on trees”.
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