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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

OP posts:

leannemoore · 20/02/2015 18:23

Non - attendee yes it so important to talk to your children about money because as they say money makes the world go round .
I talk to my child about the importance and saving and what you can buy when you have enough

Lung · 20/02/2015 18:29

Non attendee.

My child isn't born yet, but I'd imagine that once children can understand the concept of ownership then the idea of money would follow quite quickly. I think it's important that children understand money to prevent them becoming spoiled.

LaChatte · 20/02/2015 18:38

Non-attendee

My five year old asked if she could become a mummy today. I said before that, she needed to grow up, get a job, and earn enough money to provide for a child. She then asked how much a baby cost and where could she buy one.

Hmm, maybe it's not money I need to talk to her about actually...

melski1989 · 20/02/2015 19:12

I think as soon as they start struggling to understand why things cost different amounts or how to pay for different amounts. I work in a children's home and our 10 year old is now learning.

cuppawithbiccies · 20/02/2015 19:16

non attendee

have always talked about money with DS. About relative costs of what we buy and whether things are good value and price paid for brands. It was never a conscious decision to talk about 'money' it was just in general conversations.

inspiron42 · 20/02/2015 19:17

Non-attendee

The right time is any time you are dealing with money. Shopping, paying a bill, getting a credit card etc.

glennamy · 20/02/2015 19:35

Non-attendee.

With my now eldest daughter it was around 2 years old, whenever we went shopping I encouraged her to work out what change we should get if she has x amount and wanted to get more than one of something. She also loved math from early on, which was a bonus and quite fun and easy to do.

Juzza12 · 20/02/2015 19:36

This reply has been deleted

Message withdrawn at poster's request.

janeyf1 · 20/02/2015 19:47

Non-attendee. I think the right time to talk to DCs about money is when they start receiving pocket money. I would say from age 4 - when they start to learn at school, so they can also learn about money.

paulaburnside114 · 20/02/2015 20:00

My children are very different. I have a daughter who started wanting pocket money and to be in control of how she spent it from the age of 7 and I have a son who is 10 who would just prefer me to buy him his little luxuries and not have to worry about pocket money. I think the pre-paid debit card for children is a great idea. It gives them a taste of how to manage their money before they are faced with having to do it for real.

kungfupidge · 20/02/2015 20:02

non-attendee

my son is 7 and he saves up more than me !!! he knows all about money and how if you really want something you have to earn it and save for it he saved 70 pounds in coppers last summer and we went to toys r us and he blew the lot lol he is very aware of money and how it is needed for day to day life.

KandSWh · 20/02/2015 20:21

We talk about it whenever it's relevant! If we're in a shop paying for things, with with cash or card, both options and how each works will be discussed! I wrote a cheque (!) the other week and then had to explain how that worked too! I also explained why cheques were a declining trend now.

As a teacher, I regularly incorporate learning about money in my lessons, including investing, saving, interest, APR, repayments, loans and credit/debit cards! I believe that children should be as prepared as possible, and should be armed with all the information possible about money!

littleme96 · 20/02/2015 20:31

A non-attendee here.

It it never too young to talk to them about it in my opinion. My children don't get pocket money yet, but I let them pay for small things so they know about the transaction and getting change. I have talked to them about how to get the best value for money (for example, you could buy one of these or for the same money you could have 10 of those). Now that my Daughter is starting to lose teeth and therefore the Tooth Fairy has been visiting, telling her how many teeth she would have to lose to afford something puts it into perspective as well, ha ha!

There are some great games for young children to teach them about money - Orchard Toys do some fantastic ones so they learn whilst playing.

muppet150 · 20/02/2015 20:57

My children have been raised to earn pocket money for something they really want whether it be tidying their room to cleaning the car (older ones) and to manage and budget money. This definitely worked with my 14yr old who saves everything and then gets something he really wants. I don't think there is a right or wrong age to talk about money just at least when they are old enough to understand. I also ask my children when they want something if its a need or a want. This really get them thinking whether they actually do want it or if its because a friend has it or the latest craze ( damn loom bands!!!!!!) My eldest now works and i let him do what he wanted for first few months. He paid all his expenses first and then blew the rest on luxuries. He then got the realisation that he had no money left. This month he has decided he will give me extra to put away and save just in case he needs it. Basically what im saying is, you can only do or say so much, its having to see it for themselves which makes them realise the true concept of money.

pfcpompeysarah · 20/02/2015 21:23

Non-attendee

My son gets pocket money from his grandparents and has a good understanding of the need to save and appreciates the value of things he buys with the money saved, although he still wants things I can't afford. I try to teach him about money and the best way to put it to good use, such as which purchases make more sense than others and offer better value and I hope he understands it. I firmly believe that children should be taught about personal finance and budgeting in school as I never had the benefit of anything like that and it would have been a useful tool, not always used admittedly!!

gnomebulb2 · 20/02/2015 21:26

I think young children can be introduced to the concept of money naturally whilst shopping. They can be given a piggy bank perhaps to encourage saving for a special toy or treat of some kind. Then as they get older as questions come up answer them as simply and fully as is appropriate.

KittyKat88 · 20/02/2015 21:26

Non-attendee
My DDs are still too young to get into a serious discussion, but we play 'shopping' games, and I my older DD helps to buy things in the local shops and also saves money in her money box. I think our serious conversations will take place once my DDs start receiving pocket money in exchange for chores as then they will understand the relationship between 'earning' and 'receiving' and taking responsibility for their own personal money.

Theimpossiblegirl · 20/02/2015 21:30

Non-attendee

It's never to early to introduce your kids to money. Handling coins is an essential part of maths for a start. Games like Shopping List and Monopoly are great for this. My two can't wait to be old enough to earn their own money and are already starting to weigh up the local carveries that employ teens to wait/clear tables on weekends.

hannonle · 20/02/2015 21:31

Non-attendee

The children are still young but they understand that we need money to buy things. Eldest (6) is just at the age when he knows about saving money and that you don't have to spend it if there's nothing you need/want to buy. He got a bit confused over bank accounts, thinking that you couldn't take the money out until you were an adult, but that's because he has two different accounts and it confused him.

Basically, talking about money has been a constant thing. They've been too young to understand or have any real responsibility for their own money but I think the conversations now and seeing how we use our money does educate them too. Proper conversations will come when they are older.

hannonle · 20/02/2015 21:33

So, in summation, lol, I don't think you have to wait for any 'signs' but that it should be a normal thing and spoken about from being young.

shivbrown · 20/02/2015 21:45

I think its important to talk to your child about the value of money from as young as they understand, My children are very good with money and never ask for more than I can offer and I think because I told them from day one money never grows on trees and its very precious x

Dorual · 20/02/2015 22:17

Non-attendee here. My daughter is 3 and so still very young, but she knows that her daddy goes out to work each day to earn money so that we can pay for things in life. I'm a fan of talking to, and explaining anything to my children; communication is key. My daughter swiped the glass shower screen the other day and said 'condensation' - proof to me that even in her young age she takes things in and digests them. We don't give pocket money as a rule yet, but when we're going out somewhere we occasionally give her some in her purse and she can choose what she spends it on (within reason). She hands the money over to the cashier, and understands money in exchange for goods. I think if you just keep an open dialogue with your young child at all times, they will grow and develop a healthy attitude towards money, and understand its meaning in the context of their life.

Fizzyplonk · 21/02/2015 00:06

Non attendee

My 5 year old already has to choose what we spend money on eg shall we do x or y? He knows we run short at the end of the month and can't always afford treats.
This is different to my upbringing as I don't think my parents said so explicitly when money was tight. I'm not sure if this is a bad thing of not. It is realistic.

I'm not sure when to introduced pocket money- poss about 7 when he'll understand number a little better.

taymarcoleo1 · 21/02/2015 00:35

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

i will talk to my boys 15 & 2 when the issue comes up we play shops and my 2 year old calls pounds golds and 50s 20s etc shineys so he is already differentiating the difference

hazelangell · 21/02/2015 08:25

Non - Attendee

how can you spot when it's the right time to talk to your child about money?

My son is 4 years old and we've been talking about money for perhaps a year now. Not anything too in depth but he realises that you need money to buy the things you want, he knows you need to work for your money.
He knows he has a bank account, he knows how much is in that bank account.
I don't think he fully understands just how little £20 is, he kind of thinks that could buy a nice big house rather than just a small mid week top up shop!
I think teaching children about money is a vital part of their education, I don't recall ever learning about budgeting and/or finance in school but I think it should be part of the curriculam.

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