Financial Literacy for children

[79onOrange]

I wasn't sure where to post but Mumsnet pls feel free to move if there's a better place. Can anyone recommend a good course / app / workshop for children to start learning financial literacy, by that I mean how to budget, saving a proportion of your weekly pocket money, etc. In general developing good financial literacy. A Google search has shown a number of the big banks offering different types of courses but is there a top 5 or something? My DD is 8 and I'd like to start having those conversations with her.
Thank you for any pointers.
79onOrange

Martin Lewis has some literature aimed at children. It is aimed at older children, but could it be worth a look at?

Can you do it yourself?

So with my kids if they get Christmas or birthday money, we have a rule that they have to save half. They can do what they want with the other half. But if they decide to blow it all in January, they know they won't get any money to spend on stuff til their birthdays mid way through the year, so they've learnt to eke it out.

If we go on holiday, they get given spending money but when it's gone it's gone, so they learn to budget.

Just to add, we have had tears when they ran out of money and thought we were bluffing about not giving more or whatever. But my son is 10 and daughter 16 and they both manage their money reasonably well now.

They ask to go to the bank to pay half in now after Christmas.

I give mine robux and minecoins as pocket money rewards so hopefully they know when it's gone it's gone.

Also they have their own bank cards,one is hyper jar....

We also try and encourage savings and spending.

I talk to them about investing as well.my 9 year old understands the risks of putting all your money into one company even if it's a good one opposed to spreading the risk on index funds ( where you buy loads of companies).
Re stuff like Ukraine I will aside from all obvious social stuff I mention it's impacts on investing.

I showed DC my investments when COVID hit and after when they bounced back.

I mention having cash back up as well.

Im hoping when they get a small inheritance when they are 18 they will be financially savvy by that point. However one DC is a natural wait and see and the other is completely impulsive spending.

www.amazon.co.uk/Grandpas-Fortune-Fables-stories-teach-ebook/dp/B09JG639TY/ref=nodl_?dplnkId=fbb68498-da3c-4f14-9883-d690f8f53410

This book gets good reviews and may be a good way to get the conversations started with younger kids! I bought a copy for my nephews and it went down well

@grosslyunfair

That book does look good,I'm going to get it

I do the same as @Dacadactyl My kids have their own budget set up in YNAB. Only has 3 categories - give, spend, save.

Any money earnt we go on their budget and allocate 10% to charity. 45% each to spending and saving.

Birthday/Xmas money is split beteeen save and spend.

Before they spend we check what's in their budget and enter the transaction when it's done.

They also have their investment accounts on there and we check those once every few months. They both have a couple of grand in their from christenings (and me sweeping gift money before they realised). I'm hoping over the next few years they'll see the investment money takes a lot less effort than their work!!

What's ynab

@2023bebetter it's a budget system called you need a budget. Amazing thing that has revolutionised my spending.

www.bluetreesavings.com

This is a website run by the guy who wrote the book I suggested with a few ideas as well.

(Disclaimer: I have no financial interest in this but I used to work with Will and think it's a great venture!)

Thank you so much everyone some great ideas here. I'm looking into them all. Please keep the recommendations coming!
Thanks again
79onOrange

@grosslyunfair

It's very well done I especially like the part on stock market with Lego.

Have not read other parts but this should be part of math or life lessons