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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:
Summergarden · 28/02/2015 20:37

Non attendee here.

There is no minimum age to start discussing money issues. When toddlers start demanding things, they can be told that you don't have enough to buy them everything the ask for. As they get older, more complex issues can be explained as and when they crop up in everyday life.

Carbonel · 01/03/2015 01:27

Both mine have an Osper card (ages 12 & 13). We all love it. They get their pocket money on time and can manage their spending plus buy things online. I can check what they are buying if I need but so far they have been very sensible.

gemima27 · 02/03/2015 00:02

non attendee, my little 1 is 4, i explain now that she cant always have things due to cost, and show her different items in shops saying she can have 2 of a cheaper item compared to 1 more expensive. its important from a young age to learn you cant always have everything you want and a sometimes going without is ok.

Belo · 02/03/2015 14:38

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

Both my daughters were given a card which we've activated. Pocket money now gets paid onto the card. My eldest daughter has used hers once, and forgotten it on the other occasion she needed it. My youngest daughter forget to take it out with us yesterday when we went to Paperchase at her request.... So, I had to buy the items she wanted and she now owes the money to me! Is there any way you can transfer money back from the Osper card to the parent? Or, do I just need to adjust the amount I pay in for her next instalment of pocket money?

Anyway, our only problem with the card is that it doesn't work if left at home!! Or, maybe the problem is with my daughters....

LizB62 · 02/03/2015 23:19

My son took an interest quite young, when he asked me why he got 5 Action Men for his birthday. From then on, we asked his friends to give him a £5 gift vouchers instead of a present, so he could put them all together and buy something. Back in junior school, it used to get seriously expensive buying presents for every party he was invited to, so hopefully a £5 voucher was a welcome suggestion for the other parents (saved them going shopping and saved them money).
He's developed a pretty good understanding of money, shopping, pricing and did a lot of online shopping around when we bought components for a new pc recently - saved lots of money!
Now that he's 16, he has his own debit card (that he can't go overdrawn on - that was my one condition) and manages spending his own pocket money

whitbyranger · 03/03/2015 20:02

Start early by giving them pocket money and getting them to save for things they want. Being open and honest about money matters as a family helps. Have family discussions and let the children take part. Instil a fair day's work for a fair day's pay philosophy early by rewarding them for helping with chores. Discuss advertising early and try to encourage them to think carefully about spending and saving.

cheryl100 · 03/03/2015 20:18

not attended. I do think it's important to talk to your child age appropriately from a very young age to teach them the value of money

ikkle87 · 03/03/2015 22:10

im a non attendee, i think when your child asks about if they can have thing is a good time to start approaching money and how it works. Its also a really good way to approach maths.

sweir1 · 03/03/2015 23:08

I think when you open a letter to find a mobile phone bill in excess of £300 is definitely a good time t sit down for a chat.

Gill81uk · 03/03/2015 23:32

I grab any chance I get to talk to them about money. I think it's really important that they grow up understanding the value of it, and how to save and prioritise. One of the best lessons you can teach your child!

libra101 · 04/03/2015 07:40

Non-attendee

From an early age I have discussed money generally with my children. As we have shopped at the supermarket we have 'discussed' which product is best value. It has been a bit of a game.

As they have become older and been given pocket money, we have chatted about how much money to save and how much to spend. They have gradually learned the importance of being sensible with money, and to save up for things they want.

mclarkie · 04/03/2015 09:11

Non attendee

I feel the best times to talk about money is when they ask questions, children are inquisitive and have a hunger to find out about the world around them. so as and when the topic of money comes up you can slip in a bit of your worldly wisdom. better this way than giving them a long lecture, most of which will not sink in.

ChristmasName · 04/03/2015 11:55

Love the idea of a kids' debit card. Idon't think there is a right time it's something mentioned in a low key way all the time

grannybiker · 04/03/2015 12:03

It should be part of their everyday learning when they're little, but as they get older it's useful to use stories and articles in the media when it comes to avoiding debt, money saving etc.

tabbaz123 · 04/03/2015 12:22

Money is a natural part of a child's education and as soon as they can grasp the concept of earning and saving to buy then continual discussions should in my opinion be had. I think the key is to teach children about value. Respecting toys and books etc from a young age and showing that money is earned in order to buy these things.

tabbaz123 · 04/03/2015 12:26

Money is a natural part of a child's education and as soon as they can grasp the concept of earning and saving to buy then continual discussions should in my opinion be had. I think the key is to teach children about value. Respecting toys and books etc from a young age and showing that money is earned in order to buy these things.

dirtypop · 04/03/2015 14:58

when they start wanting too much

alabaster002 · 04/03/2015 15:17

Non-attendee.

While I don't think children should be overly conscious about money, it is important that they learn early about the concept of value for money spent. In particular, they need to understand that their choices should be made with value in mind.

sarah3875 · 04/03/2015 16:04

My boys are forever saying this ice cream will cost £100 please or this iPhone costs 2 pence. It's sometimes tricky to teach them the value of things but its important and I think starting as early as possible is best.

LuckyBluie · 04/03/2015 20:22

Non attendee

I don't think it's ever to early to talk about the meaning & value of money.
My DS is only 6 but we already talk about finances.

He knows that we go to work to make money and that this money pays for all the nice things we have & do.

compy99 · 04/03/2015 21:35

I think it prudent to teach children the value of money from as young as possible. simply by mentioning that things are not free and introducing piggy banks for saving.

ser01 · 05/03/2015 08:30

Its never too early to talk to them about it, so i would say when they start asking for things and have a basic understanding of what money is.

cookinmummy · 05/03/2015 10:36

Non-attendee

We talk about money if they are demanding things a lot and we suggest that they can earn the money by performing set chores around the house as pocketmoney that they can then save to purchase something. Also when they receive money for birthdays and christmas we discuss how they might spend or save that money.

sofieellis · 05/03/2015 11:21

Non-Attendee.

Money is something which is an ongoing lesson, not a one off talk. We started by playing with a toy shop and plastic coins when they were very small.

As the children grew a bit older, we introduced pocket money, which they have alway had to "earn", by fulfilling certain jobs. Eg they have to keep bedrooms tidy, do their homework etc. Any lapses result in less pocket money that week, and we point out exactly why this has happened.

We encourage them to save pocket money, birthday money etc in order to buy bigger things that they want. They also sell their old toys etc on ebay to go towards new things they want.

All of these things naturally lead to discussions about how to budget in adult life and seem to have stood our eldest two in good stead, as they seem to be managing their student loans very well, now they are at university.

snare · 05/03/2015 12:10

I think it is a good idea to start giving them an idea of money as soon as they ask questions :)