Mumsnet users share how they teach their children about saving money

[EllieMumsnet]

This activity is now closed

We recently ran a survey with Mumsnetters and 45% of you said you think it’s important to speak to children about saving and investing before they reach the age of 10. So Legal & General would like to know how you teach your children how to save, invest and do more with their money.

Here’s what Legal & General has to say: “While many of us believe that encouraging children to think about the power of their pocket money is important, sometimes just knowing where to start with this tricky topic can be the biggest obstacle we need to overcome. We’ve made it easy to begin your savings journey and invest for your child – you can save for their future with £20 a month or a £100 lump sum (click here to find out more). We also recently launched our Investment Academy, which includes a wealth of resources and quick guides to help you develop your understanding, so that you can help your child with theirs.”

So how do you teach your children about saving? Do you give your DC pocket money for doing tasks? Do they have a money box or their own savings account? Perhaps they have to buy some games or toys they want themselves so they understand that you have to save up to be able to afford them?

However you teach your children about saving, please share it below and you will be entered into a prize draw to win a £300 voucher of your choice (from a list).

Thanks and good luck with the prize draw
MNHQ

Terms and conditions apply

Open 04/03/19 to 18/03/19. To enter please post on the thread below. One entry per person. One prize to be won: £300 voucher of winner’s choice chosen by random draw performed by computer process.

The value of your investments can fall as well as rise and any income from them is not guaranteed. Legal & General (Unit Trust Managers) Limited.

[emmagough78]

I've taught my daughters from a young age that in order to have money and nice things we need to earn it. But as well as earning we need to look after it. My eldest doesn't have pocket money anymore now at 13 but insted I pay for her mobile phone. she understands she has to earn that right though. My youngest of 3 has her own little rabbit money box and we pop some pennies in there when she's been good or helped mummy out. She likes emptying it out and sorting it into piles he he! We took some out the other day so she could go the shop and pay for something her self. She had enough to get some sweeties, she paid the shop keeper and took the change. We then came home and popped the change back in her money box. I said "the more you help mummy out and the more times you are good that amount will grow again and it'll soon be time for our next trip to the shops or you could save it up and get a toy next time." She was thrilled at this.

[CatCatDog]

Money tin for loose change that can be banked and saved or spent on smaller items. Birthday & Christmas money in the bank to save up for expensive items and the delay helps makes sure they really want it. It also means choosing between items, money can't be spent twice!

[alem17]

Open a bank account for them (even a pretend one!) to encourage them to save for something.

[EllieMumsnet]

Congratulations to babyann for winning the £300 voucher