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Teaching Children the Value of Money

Investing for the next generations carries much more significance if you use this as a learning opportunity to educate children on the value of money. Teaching your children or grandchildren the significance of financial planning will increase your child’s interest and comprehension of finance from an early age, so they can increase their financial confidence.

Understanding Investments

An initial step could be explaining financial concepts like planning, investing, and any accounts the child may have, for example, a junior ISA, Junior SIPP or a simple savings account.

Use language your children will understand so that they can learn the basics and grasp an initial understanding of each investment solution without all of the complexities and jargon.

Interactive Learning

Children often learn through engagement, so try an interactive approach. When educating on financial literacy, use tasks that involve handling money and visual representations of money growing when invested.

Investment Options for Children

There are many child-friendly investment tools that you can use with your children to help them understand the importance of investing and financial planning.

Set your children up to start saving and investing; Junior ISAs and savings accounts can help your children see, in real terms, what investing is and the results they can expect.

Long-Term Benefits

Don’t just discuss the value of money and how to invest, emphasise the benefits.

Explain how an investment made now can accumulate in the future, allowing plenty of time for money to grow significantly.

Discuss future goals and milestones that your children are likely to want to achieve and share how investing now can facilitate this. Get your children excited about their money and investments.

Empowering Independence

The best way to learn is hands-on, so, where possible, get your children involved in their finances and financial plans. Discuss the various options and encourage them to share thoughts and opinions so they are included in decision-making about their finances.

Not only will this increase their understanding of the value of money and the importance of investing, but they will also learn money management, ensuring a solid foundation of knowledge for when they grow up.

Get Financial Advice From The Experts

Our team work with you to implement the best investment strategy for your family, so everyone understands what is being done and why.

Please don’t hesitate to reach out to us when you are putting together a financial plan for your children, as we are experienced in developing and managing child-friendly investment strategies to help you educate your children on their financial plans.

Book a no-obligation meeting with our friendly team by completing our contact form or calling us on 01202 695 801.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

Written By Robert Brunt

Chartered Financial Adviser

Lester Brunt Wealth Management

Lester Brunt Wealth Management is a trading name of Lester Brunt Wealth Management Ltd

SJP Approved 29/11/2023