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

183 replies

AnnMumsnet · 18/02/2015 10:02

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

Is it time to talk to our children about money? Osper feedback thread, non-attendees chance to win £75 NOW CLOSED
OP posts:
RubySparks · 19/02/2015 12:01

Non-attendee - my DC are older teens now but agree with other posters that there the time to talk to them about money is all the time. e.g. Any time there is an ad on TV for credit or loans I would point out the APR and what it meant you would pay back. They both have savings accounts they don't yet know about so that might be a big talk!

Moogdroog · 19/02/2015 13:33

Non-attendee
DS is 6 and has always been a numbers kid. Money, real, tangible numbers Grin has just captured his imagination in a non-materialistic sort of way. He's noticing how much things cost in the shops, working out how many things he could get with his piggies bank.
I feel as it has his interest, I'm going to open a bank account for him and teaching him about saving.
He's receptive and naturally curious, so I'm going to try and capitalise on it.

fuzzpig · 19/02/2015 13:56

Non-attendee here, I would definitely applied if I could've got there though! :)

To me, the right time to talk about money is when they start wanting Lots of Stuff. It would have been pointless talking about it (to my DD anyway) in the abstract. But it also has to coincide with them having a reasonable grasp of maths (so they can at least vaguely see that no, we don't have enough for xxx, we would need to save for 2 more weeks, etc).

My DD at nearly 8 is starting to understand it more now. When she turned 7 we started pocket money. She had a few strops where she didn't understand why she couldn't get this or that, because she had spent it all on magazines/sweets (which I was very glad she did - she learned more from the 'mistake'). She is now getting good at saving for a month or two at a time and is making decisions based on longer term 'wants' which is great. DS at 5 is nowhere near ready for that though!

We are about to start homeschooling so both DCs will have much more experience with our day to day finances, as they will be shopping with us and things which they don't do currently. We need to shop for their clothes soon, and we will be writing a list and I'll give them a price limit so when we go round choosing things they can see it all adding up and again they'll need to make decisions. We will do similar for things like 'school' supplies as we need to budget very carefully anyway, but it will help their maths too :o

OinkBalloon · 19/02/2015 14:47

Non-attendee.

Talking about finances is part of our day-to-day life. Deciding at the dinner table, for example, what activities we will do in support of which charities. Cost/effort discussions. Working out how many weeks it would take to save for a desired item.

When I go shopping with the dc and they want something, I explain why I'm getting the own-brand version. Conversely, if I get a branded version I explain why I chose to spend more than necessary.

It's not lecturing, but discussion.

Our dc started getting pocket money at 7, and that seems the age and time to start talking about money, too.

Cherryjellybean · 19/02/2015 16:09

Non attendee here.
I think it's good to talk in little ways right from the start, whenever it comes up. Like oink said- as part of our day to day discussion.
Dd is only 3 so our conversations are only basic.

SweetValentine · 19/02/2015 16:37

None-attendee, the right time to start talking about money is always. My DH and I talk about it all the time and we wont shield our conversations from our children. When I was growing up that kind of talk was "hush hush" and I never learnt the value of money. I still struggle not to waste it (hence why we talk about it so much!)

NotCitrus · 19/02/2015 16:50

Have had many conversations about money with my 6yo, who has grasped the idea of budgets and value for money (which made Christmas much more pleasant this year than the previous year when he wanted every toy on the planet).

However he really wants to know "why is there money?" "why do you and Daddy have to go to work?" and "why do some people have more money?", which are much harder questions to answer!

sharond101 · 19/02/2015 17:51

Non-attendee

The money chat will happen for us when DS gets pocket money he is personally in charge of. We won't bombard him but he will be told about how money is earned and the benefits of saving and how to budget. We will do this on an ongoing basis.

whattodoowiththeleftoverturkey · 19/02/2015 20:27

Non attendee.

I agree it's important to speak about money from early years. DD is 6, in the past we've let her spend her birthday and Christmas money but this year we've introduced 'spend half save half'. She didn't like the idea of not being able to spend it all, but we'll keep showing her how the savings add up and how this will enable her to buy something special when the time is right.

She also knows that we can't always buy everything she asks for and that we have to prioritise what we spend our money on.

Maiyakat · 19/02/2015 20:33

Non-attendee. I don't think you can start talking about money too early. As soon as DD has the maths skills I will start giving her a small amount of money to spend so she can start to learn how much things cost, and that once money is gone it's gone!

julker · 19/02/2015 21:38

Didn't attend

I think it should be talked about throughout their life as the need arises such as receiving money for birthday/Christmas discuss saving some and spending some or save it because just got all these new things etc. When you go out for the day and they want ice cream and stuff from gift shop etc you can give them a bit of spending money and allow them to choose what to do with it so that they can see it will only do one or the other and need to choose

Once they start getting pocket money it can be in more depth talking about saving v spending and how they can spend x amount each week with nothing really to show for it or they could save up if there is something they really wanted that cost more

Anj123 · 19/02/2015 22:12

Non attendee. I started talking to my daughter about money as soon as she could understand which was around the time she started primary school. She is often given money for birthdays and Christmas. The money goes in her piggy bank. When we go out on trips she uses her money if she wants to buy treats. This has taught her about budgeting and the value of things. She often decides that some things are too expensive and does without them. It also makes her appreciate what she does buy. And like me, she loves a bargain!

johura1737 · 19/02/2015 22:13

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mrscumberbatch · 19/02/2015 22:45

Dd is 5 and already had an idea about money and banks.

I knew nothing till I was about 18 and it was all mystifying. Definitely put me on the back foot.

nerysw · 20/02/2015 07:36

Non attendee. My kids are 5 and 3 so aren't asking for pocket money yet and aren't really bothered about having money yet. My 5 year old has started learning a bit more about money and has had some interesting homework form school where we've worked out how to use coin combinations to make the right amount for thigs.
We do talk about what things cost and that's how I explain why I go to work and the things we need to pay for.

WowOoo · 20/02/2015 07:56

non attendee

I talk to my children as and when money comes up. The supermarket is a good time or when I come home and they ask me why I haven't bought luxury Belgian waffles for example!

With pocket or birthday money, my eldest (9) has now decided it's best to save for something really good. My youngest still wants to spend it on tat as soon as possible! But they both know that I have a bank account for them so I can save for them.

They both overhear dh, friends and I talking about money matters. They ask a lot of questions and I'll answer them as simply as I can. A recent one was 'Why can't the banks just print a load of money and give it out to poor people?' Heavy stuff for the school run!

RhinosAreFatUnicorns · 20/02/2015 07:57

Non-attendee here. DD is nearly 4 and we talk about money at what I think is an age appropriate level. She knows that she can't have everything she wants and that we have to work in order to pay for everything. She has a money box and is very happy to put any money she is given in there. In time when we start with pocket money we will teach about budgeting.

It is vital that money management is taught in school in my opinion. Too many people relying on handouts and not understanding the need to save up for what you want.

teddygirlonce · 20/02/2015 11:13

non attendee

When the children assume that you can always visit a 'hole in the wall' to get more money out even when you say there's none to be got out!

DH isn't very good with money and think both DCs have a tendency to follow suit so think I need to be having the money conversation with them sooner rather than later....

I actually think using cash rather than cards is vital for parents in teaching their DCs about the value of money. Virtual money (via debit cards etc...) doesn't really mean anything to them. On the other hand, they can understand that when a purse/wallet is empty the money has been used up!

It's a difficult one too because people's natures will to some extent determine their attitude to money. Come from a family with one very frugal sibling, one profligate one and me in the middle!

NotMrsTumble · 20/02/2015 13:00

I don't think there's any one "right time". I will discuss e.g. which product to buy on a shopping trip, trying to teach them to look for good value. They've had monthly pocket money to budget since they first got pocket money because I can never remember to give it to them weekly. They are aware of good and bad debt, savings, interest etc.

bronya · 20/02/2015 14:22

The right time is as soon as they have any understanding of number in my opinion.

DS is two. As soon as he could count we got a little piggy bank and he gets a 1p coin when he brings his plate/bowl/cup back into the kitchen himself. He loves putting the coins in and counting them up at the end of each week (we count into piles of 10 then replace each full pile with a 10p piece, count those into piles of ten and swap a full pile for £1 to spend at the £ shop!). His pocket money will always be earned, and when he is old enough I'll show him how to save up for bigger toys. He already knows you have to pay for things in shops and likes handing over the money.

tain · 20/02/2015 16:47

My kids have had their own accounts an have been using their own debit cards since they started high school. I have been putting money into their accounts as an when they need it an also making sure that they have emergency money on their card too. They where told that they need to keep an eye on balance and spending as otherwise they would get charged by the bank if they spent what they did not have, neither of my dcs have ever gone overdrawn so far. This new pre loaded card sounds like a good idea to me especially if it gets kids used to managing their own money.

tain · 20/02/2015 16:48

Non attendee too sorry forgot to add that bit

mamato3luvleys · 20/02/2015 17:39

My dc have always been brought up with spend half, save half.
Mine are 11,9,& almost 2 so the above doesn't really work with our 2 yr old. More recently I have started given them an allowance and told them to factor into that the money they use for youth club, and what they wanna spend at the weekly disco plus any magazines they might want to buy. Atm it seems my dd is better than ds1 at saving but I hope through discussing and age they all learn how to b money wise.

jodiecrossley1 · 20/02/2015 18:19

I think the best time is as soon as they start asking questions about why they can't always have the toys they want etc, explaining that we don't have enough money to buy all the toys!

georgedawes · 20/02/2015 18:19

I think it's like anything, you have to talk about this from before they're old enough to understand, it should be part of everyday conversation and age appropriate. When my dd was a toddler we explained mummy and daddy had to work to pay for food, toys and so on, as she's got older we've explained and elaborated more. You can't just sit them down at 18 and tell them to budget!

Also I think it's important to say no occasionally - children need to know that you can't afford everything they want all of the time. It's ok to say you can't afford it/money is needed for other things. I think that's an important life lesson.