Is it time to talk to our children about money? Osper feedback thread, non-attendees chance to win £75 NOW CLOSED

[AnnMumsnet]

On Monday 16th February, 10 MNers and their child(ren) aged 8-15 attended a workshop hosted by Osper.

Osper, who offer a prepaid Debit Card for 8-18's with a mobile banking app for the family, are exploring the need to talk to our children about money.

Check out the video from the event day here:

Non-attendees, for a chance to win £75 in Amazon vouchers, how can you spot when it's the right time to talk to your child about money? Add your comment to this thread and you'll be entered into a prize draw where one MNer will win £75 to spend at Amazon.

Attendees please share your responses to the following questions:

Having attended the workshop, do you think it’s important for us to talk to our children about money?

What was the most surprising thing you heard on the day?

What advice would you give to other parents on talking to their kids about money? How can they spot when it's the right time?

What did you and your children make of Osper? Do you think getting children an Osper card is a good way to start a conversation about money?

Please add your comment by 06-03-2015. Standard Insight T&Cs apply

Thanks
MNHQ

PS If your child already has an Osper card, or if you got one at the event, they've love to know how you and your child are getting on with it - in terms of spending and in terms of managing it online. Please add your thoughts below

[Lotstodo]

Having attended the workshop, do you think it’s important for us to talk to our children about money?
It is very important to talk to our children about money as they must learn the value of money and learn to become wise spenders and wise savers. Nowadays, there is even more for them to learn because of the different ways money is transacted. From a young age children must learn to be responsible and although it is a hard lesson when you are young, once it's gone, it's gone! It is very easy to just given them that one pound they need to get what they want but to say no and they will have to wait until they get next week's pocket money, is a good lesson to teach. That is what life as an adult is like.

What was the most surprising thing you heard on the day?
The most surprising thing I heard on the day was that when the children were presenting the app they had made I realised they were very money savvy and knew lots of jargon relating to the money market - such as GDP, gross, net, profit, loss and overdraft.

What advice would you give to other parents on talking to their kids about money? How can they spot when it's the right time?
The right time is as young as possible such as being in a supermarket and teaching them to get the most for their money.

What did you and your children make of Osper? Do you think getting children an Osper card is a good way to start a conversation about money?
An Osper card is an excellent way for a child to manage their money safely and securely and I am going to be doing this with my daughter. She will have a certain amount put on her card to do all the things she wants to do in a week such as going to the cinema, Starbucks, bowling and McDonalds. However, she will have to choose what she does within the budget she has on her Osper card. Currently, I give her the money whenever she needs it but this will help her learn that life is not really like that and we all have to live within our means.

[KJ123]

Yes I definitely think its important to talk to kids about money.hopefully parents can give them sensible advice, at the appropriate time, so they can learn to manage for themselves.
I was surprised that no one else is offering a card like this, where it easily shows parents and kids what it's been used for.
I think most parents will know what and when it's appropriate and important to tell their kids about money. Often the opportunity presents itself naturally eg. If they have some pocket money that needs to last over the half term week, they need to think about what they want to do with that money and how they may need to make decisions if it won't pay for everything.
Both my daughter and I were really quite impressed! She enjoyed the activities she did, and felt she learnt from the team and the other children, and said it was the best thing like that she has done(she's done a couple of market research type things over the years). She was really excited to get her Osper card, and hopes to try it today. We will need to keep reinforcing her message of how to manage her money and budget! I think having the card will naturally prompt regular conversations about managing her money, and I will like seeing what he has spent it on - she is already starting to learn that regular hot chocolates with friends soon fritters away a lot of money, so she will think twice about buying those and instead think of Saving up for one thing more worthwhile.
I was impressed by it all too - it's surprising that none of the banks have thought of a similar offering. It also sounds like a dynamic start up company with a different - and better - attitude to this issue than banks. Of course Osper will want to be successful and make money, but it seems like a fresh and less cynical approach. Maybe I'm easily swayed, but I liked it all!
We have registered the card and put some money on it via the app and it was all pretty easy.

[Celeriacacaca]

An attendee with DS, 13 and DD, 11
Having attended the workshop, do you think it’s important for us to talk to our children about money?
Definitely! From an early age they can understand about trading money for goods or services; earning money and saving money.

What was the most surprising thing you heard on the day?
How shopping savvy the children were and on the imaginary app they designed, they all had a price comparison facility so they could find the best deal for what they want to buy.

What advice would you give to other parents on talking to their kids about money? How can they spot when it's the right time?
I think it can start, on a very basic level, from a very early age. I've always talked to my two about saving, spending wisely and making the most of their money.

What did you and your children make of Osper? Do you think getting children an Osper card is a good way to start a conversation about money?
This event was a good prompt to talk about debit/credit cards/debt/spending etc. Having both been given an Osper card, my daughter thought it was cool to have one and wants her pocket money put on it. When I said it would cost £10 a year she said she wouldn't want to pay to use it as she could get a similar card from her bank for free. My son, on the other hand, wasn't interested in having one at all. He thought his current piggy bank works just fine for when he wants to spend/save and thought the card was just like his school meal card, in terms of function, so not cool.

From my point of view, I can see the benefits, rather like an auto-top up Oyster card, that I could rest easy knowing my kids would never be without access to money, either in cash form or on a card, although I'm not convinced this is a unique thing and not available elsewhere. The facility to monitor their spending really doesn't interest me at all. They are old enough to take responsibility for that and understand that once it's spent, it's gone and there won't be more until next pocket money day.

An Osper card could be a discussion point, as part of an on-going conversation on money, but for me not the right starting point as I think children need to be more financially aware before they have responsibility for a card and that should come from home.

[Itchylegs]

My children, aged 6 and 9 have started lobbying for pocket money as 'their friends get it'. I am loathe to do it, but I did take it as the occasion to discuss differences between being given money as and when and having pocket money as something to save for bigger purchases. They don' t really get that bit though. I have not yet told them about their fairly sizeable Child Trust Fund money...don't know when I will. I try to explain what money is, where it comes from and what debt and credit is. Will continue to do so as we go along.

[ouryve]

Non-attendee.

Surely money and budgeting is a continual conversation, right from when pocket money is first given? DS1's had pocket money since he was 5 and we've always enocouraged him to balance spending it all at one, with putting a bit aside so he can treat himself to something bigger.

Instead of giving him the £2 a week pocket money increase that we'd promised for his 11th birthday, we negotiated with him to put £10 a month into one of those tins that you need a tin opener for, as he's more recently been in the habit of spending almost all his money on sweets. We're hoping that he's impressed by how much he's managed to save up after a year or so just by putting aside that couple of quid a week.

[Belo]

Having attended the workshop, do you think it’s important for us to talk to our children about money? Yes, definitely. They need to learn that our source of money is not finite.

What was the most surprising thing you heard on the day? Nothing really surprised me. We've had discussions about budgeting pocket money with the kids and saying that life as a whole needed to be budgeted.

What advice would you give to other parents on talking to their kids about money? How can they spot when it's the right time? The conversation arose with us when they started going out without us, and makign independant arrangements. All of which costed money!

What did you and your children make of Osper? Do you think getting children an Osper card is a good way to start a conversation about money? I think it's great for an unorganised parent such as myself who never has the right amount of cash to give them. I end up giving them too much and then the change seems to never find it's way back to me! I like the way their spending will be recorded for me and them to see. We've already registered our card and the first installment of pocket money is ready to be spent!

[rupert23]

Having attended the workshop, do you think it’s important for us to talk to our children about money? i really think it is important to talk about money and didnt realize ds 8 and 12 were really that interested in money and how it is spent as a family. it made us talk more about these topics which is good

What was the most surprising thing you heard on the day? my sons seem to think that more money is spent on treats than on bills so i think more conversations about money as a family will be good involving them a little bit more

What advice would you give to other parents on talking to their kids about money? How can they spot when it's the right time? i think pocket money definately helps as it makes them think about their spending and hopefully saving a bit of it

What did you and your children make of Osper? Do you think getting children an Osper card is a good way to start a conversation about money?
i like the idea of the osper card and my sons were excited to get them i will be topping them up this weekend and then they can start to use them which they are looking forward to. My son age 12 says it gives him independence and trust by using the card which he likes. I think it will be interesting to see how they both spend it and learn to use it. It will help them to think about managing their money in the future. We all enjoyed the day and found it very interesting so thank you for letting us attend .

[addictedtosugar]

I was going to start with surely, but if it was that obvious we wouldn't need to be told.

The kids are 3 and 5. They understand why we work, that we have to pay at the supermarket etc, and we can't always get what we want when we want it. We explain why we can't , e.g. get a bigger house, and that the bank has lent us money to buy this one. I don't know how much has quite gone in, but it is a gradual drip feed, not a "Big Talk".

[diamondsrock]

Non attendee here.

I've got older dc and I've always chatted to them about some aspects of finances as and when it comes up. When they were younger it would be about basic budgeting whilst doing the weekly shop, then when they were old enough to spend pocket money it would be about comparing prices and savings. So I think the right time is to build it into normal conversation and not make it into a big deal. They got current accounts when they were 11 and we'd chat about interest, tax etc as it came up then. When economic issues come up on the news I'll help explain terms to them if they're interested.

I'm pretty happy with how mine use their debit cards and I have standing orders set up for their pocket money (but I also give some money directly to them in cash to save them going to the cashpoint). There are no fees on their account and that works pretty well for us.

[StickChildNumberTwo]

Non-attendee - it can't ever be too soon to start talking about money. My DD is learning at 3 that if she's given money for Christmas she can choose what to spend it on (within reason!) and when it's gone it's gone. I hope we can continue to naturally talk about money as she gets older - we're obviously not going to try and explain mortgage rates next week!

[DinoSnores]

Non-attendee: "How can you spot when it's the right time to talk to your child about money?"

For us, it has just been part of normal conversation with our children, although the eldest is only 4, but we plan on continuing being open about what we do with our money. For example, he knows we give money to the church and why, we talk about why we can't just buy anything and everything that we want, we encourage him to save up for little things and give him money for his piggybank.

[rosie17]

Having attended the workshop, do you think it’s important for us to talk to our children about money?

Of course we should talk to our children about money but to an age appropriate degree. One of the questions parents were asked was "when is it appropriate to talk about pensions with our children" What a sad idea!! I want my children to remain children for as long as possible I certainly will not be burdening our children with info about pension plans and so on.

What was the most surprising thing you heard on the day?
That children as young as 8 were being encouraged to take up this card

What advice would you give to other parents on talking to their kids about money? How can they spot when it's the right time?

Talk about money in the context of pocket money amounts when you start giving them pocket money. Answer all of their questions honestly with out over burdening them. Help them to understand how privileged they are. Help them to understand that when it's gone it's gone and that they should learn to save for 'big things they want to buy' rather then only only taking a short term view.

What did you and your children make of Osper? Do you think getting children an Osper card is a good way to start a conversation about money?
The Osper card is not for us at the moment. The children enjoyed the workshops and I was happy that they were part of this Osper event. I want our children's focus to be on saving as opposed to just spending and I want them to understand that money saved could earn them interest so that they could eventually buy more stuff.

[InAndOfMyself]

Non-attendee

My sons are too young for pocket money but I do speak to the eldest about the cost of things. He's at an age where he always wants a new book or new toy and I am trying to instill in him that not every shop is one where he comes home with something new.

I want my boys to be truly appreciative of getting new things and not take things for granted.

Since they are young and don't really get the concept of money I try to relate treats to work. e.g. cleaning up toys means we can go to the park, finishing dinner, including all veg, means fruit salad with fromage frais, or being a good boy all week means a new toy car or dinosaur.

I also let them have choices, you can have this car or that car but not both.

[mrspink27]

Attendee
Having attended the workshop, do you think it’s important for us to talk to our children about money?
For our family we try and strike a balance between being honest about money and also cushioning the DDs from the big scary world out there. We do talk about money, where it comes from, where it goes to and that it doesnt grow on trees and the pot isnt infinite! We also discuss the value of money/possessions/material objects.

What was the most surprising thing you heard on the day?
Just how sophisticated the children who attended were in their understanding and thinking around money. Also that Osper cards were being offered to children from 8.

What advice would you give to other parents on talking to their kids about money? How can they spot when it's the right time?
An on going open dialogue around money as and when the conversations arise without over burdening. Get them to appreciate that their isnt a money tree and that once money has been spent it is gone. Lead by example and save for the bigger things!

What did you and your children make of Osper? Do you think getting children an Osper card is a good way to start a conversation about money?
I really like the Osper concept - especially for DD2 who is a spender not a saver! I think the dual platform for parent and child is a brilliant idea and will really help to monitor spending and prompt useful discussion. The DDs cant wait to use the cards at the weekend. Topping up/loading the cards was super easy and instant. I think Osper is a fantastic way to help us, as parents, to set up regular pocket money and to allow the DDs a bit more responsibility and opportunities to make and learn from their mistakes in a relatively "safe" and supported way. DD1 would like the app to have an option to transfer money to a saving account which at the moment isnt possible easily. She identified very quickly that this was a spender card and not one to encourage her to save!

We had a really interesting afternoon. Thanks MN and Osper.

[MadMonkeys]

My children are still very young (2 and 5) but already we talk about money whenever the matter arises - when shopping we talk about which item is the best value, they like looking at coins so we talk about the value of each one etc.

[thewomaninwhite]

I don't think that there is a right time. Surely you talk about money as soon as they are able to understand things. Not because I am obsessed but because they will ask for things and then the logical thing to do is to explain why they can't have it (if they can't) and to talk about saving birthday money etc.

We also have conversations about why we work in terms of holidays costing money along with clothes, food and toys etc.

[InMySpareTime]

There is no one right time to talk about money, it needs to be an ongoing conversation about budgeting, saving, anticipating needs and long term vs short term rewards.
I have a book by the Motley Fool which sets it out very simply, the children read it every now and then.

[MakeTeaNotWar]

Non attendee - children need to know about money and it's worth right from the beginning. It's a continual conversation in this house and even though they are only 2 and 4, they are encouraged to save coins in a piggy bank and watch it all accumulate.

[purplepowers]

Thank you to Osper and MN for inviting us to such an insightful and informative event.

Having attended the workshop, do you think it’s important for us to talk to our children about money?
Yes it is important for us to talk about money but not in a serious manner until they are at least 10. They should be made aware that parents go to work to earn money, it doesn't go on trees and we don't have an endless supply. These subtle message will form a basic understanding of money for when they are at high school and start to slowly manage their own money when buying lunch etc. I also think children should be left to enjoy their childhood and not be burdened with the worry of money from a young age as they have their whole lives for that!

What was the most surprising thing you heard on the day?
That children as young as eight were a target market - that is way too young in my opinion. I was also surprised at how well the children designed the apps. They were extremely savvy with saving money and price comparisons.

What advice would you give to other parents on talking to their kids about money? How can they spot when it's the right time?
Make budgeting and saving a part of everyday conversation. Make sure you talk about prices when going shopping, have fun maths games like adding up items in the trolley and how things can be found cheaper elsewhere or on the internet. Make sure they have savings accounts so they can see their money building up. Encourage children to put birthday money into their accounts. They can then see how it builds up and how they can use saving in a positive way to purchase bigger items. Children will unconsciously copy what their parents do, so lead by example.

What did you and your children make of Osper? Do you think getting children an Osper card is a good way to start a conversation about money?
Like others, I'm not sure Osper is for us at the present time, but possibly in the future when they are teenagers and out and about on their own. it is a great concept and I like the idea of a companion app. Definitely something I will be considering in the future.

Thanks for letting us be part of this trial.

[GetKnitted]

My two boys, 6 and 3 each have a piggy bank and we talk to them about all our major purchasing decisions, nor necessarily before they are made, but just so they understand the process of prioritising

[flamingtoaster]

Non attendee.

My children are now older. Talking about money was just a natural part of our conversations - right from the stage of playing shop. From a very early age they learned that if given money at Christmas or birthdays they needed to think carefully how to spend it - or whether to save it up for something much more expensive that they really wanted. Both earned money while still at school/university which was entirely theirs to spend or save. I feel they both have a sensible attitude to money - they both certainly intend to avoid being in debt if they can.

[honestlies]

non-attendee: I think that the time to speak with your child about money is the instant they notice it.

what i mean is... when you are very small, you dont think about food or toys or where they come from they just appear. then you start to ask for things, perhaps in the supermarket or out and about.

When dd would ask for things...cheesestrings etc, we would say, i know that they taste nice but they are quite expensive. £12 per kilo! you could buy this much of cheddar for that. this approach starts the comparing process.

we would then use the idea that money is not unlimited... you can have this or this but not both.

then aspirational.. you can have this, but its expensive so we will save up for it.

its all about following your childs lead, but the earlier the better!

we even modelled behaviour in our role play shops! I dont have enough money for 3 bananas so can i buy two please? If i need 3 bits of fruit but only have enough money for 2 what can i do? buy 3 apples and we will still have some money left over.

[ButterflyOfFreedom]

Non attendee

I don't think it's ever to early to talk about the meaning & value of money.
My DS is only 2 but when we play 'shops' we talk about needing the 'pennies' to buy things.
He knows Daddy goes to work to make 'pennies' and that this money pays for all the nice things we have & do.
DS also has his own money box and we give him coins to put in that.

He obviously doesn't understand what it truly means but as he gets older he will and there is no harm in talking about it informally and through play now.

[TheHoneyBadger]

non attendee

this goes on all the time with me and my son. relative value of this sweet or that for example - yes but that costs x just because it has that name and look how much you get, whereas that costs y and look how much you get. might get ignored but the concept of value for money is discussed.

likewise recently we were on holiday somewhere where the shop on the beach inflated their prices hugely whereas if you cut through point y to the shops behind, and the nice shop we liked, the price would be way less and you only walked an extra couple of minutes. ds picked up on this really quickly much as he picked up on how much a bottle of water cost in a shop compared to in a restaurant or which restaurants marked up a bottle of water by a reasonable amount and which took the mickey etc.

i think because i've always talked about these things he's quite conscious of them to the point of being embarrassing sometimes with loud, how much ? type statements upon looking at a menu

he's also aware of things like brand price and non brand price, the way prices are marked up if there is no other option re: on an airplane or in a airport, how different areas of the country cost more or less to rent or buy in, how payday loans and the like exploit poverty etc etc etc. really just because we talk and i'm an opinionated bugger with a lot to say about things.

i really think things like financial savvy, reading advertising, understanding contracts and making wise choices etc are important skills to teach your children and it isn't a lesson you give at a certain age but something you raise them in.

[TheHoneyBadger]

oh and taking them to countries where you can barter helps and helping them make deals. also things like video games where they save up to buy upgrades and have to learn not to waste their coins on pointless ones but to keep saving for something worthwhile etc. there's so many ways to teach this stuff experientially.