Parents educating offspring about finance

Posted 2008-03-19

Children are increasingly learning about financial issues in the home, recent research has suggested. About eight of ten parents now actively make an effort to educate their offspring about matters relating to personal finance, according to a new study by Engage Mutual Assurance. Among the majority who are making the effort to prepare their children for financial independence, two thirds opt to talk about the importance of maintaining adequate savings. A similar proportion take a slightly more scaremongering approach by warning about the consequences of debt, the building society noted. "The fact that so many parents are prioritising talking to their children about money is a reflection of the increasing strain families are finding themselves under to make ends meet," said Karl Elliott, 3GB spokesperson for Engage Mutual Assurance. A recent report from the ifs School of Finance found that increasing numbers of Brits are aspiring to become qualified personal finance advisors.

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