From giving them pocket money to discussing your food budget, preparing your children to manage their future finances is easier than you think! Helen explains some of the ways to build healthy financial foundations by teaching your children about finances…


We all want our children to be happy and financially comfortable as adults. We want them to become people who are able to steer clear of problem debt, save for financial goals and manage their money without any drama.

As parents, we have a huge amount of influence over this. Analysis carried out by the University of Cambridge suggests that by the age of seven, children can already grasp some significant financial ideas that can shape their future financial habits. Below are some ideas to help teach your children healthy ways to manage their money which will see them through to later life.

Talk About Money!

Money is a notoriously tricky subject for many adults, with their own financial mindsets influencing discussions on money. Some of our financial mind blocks stem from our own childhoods, where for many of us money was a “dirty” subject not to be spoken about in polite company. We know that it can seem difficult when thinking then about teaching your children about finances!

As parents, you can openly discuss money in a healthy way to help your children develop an understanding of the family finances (without worrying them!). Discuss casual financial matters such as the household budget, the cost of groceries and what you’re saving for at the moment. This can help get them used to openly discussing day to day money matters and develop knowledge around budgeting.

Start Giving Pocket Money Early

Children can’t learn everything from theory, they need some practical experience too. Pocket money is a really good way to help them learn those early money lessons and build their own financial confidence. In our home, we started giving Ollie pocket money when he started school. He earns money with the help of a reward chart for things like tidying his toys, helping wash up and helping to get himself ready for school.

Ollie has 3 jars for his pocket money. One jar is for spending, one for saving and one for giving. His pocket money is split evenly across the 3 and, whilst he enjoys the spending part, he loves watching his savings grow for things he really wants. His giving jar is incredibly important too, as it shows him the value of helping others where he can.

By learning the lessons around spending, saving and giving now, it’s less likely to lead to financial difficulties when he’s older. It will help him to not look for immediate gratification – particularly when he’s old enough to apply for a credit card!

Go Digital For Older Children

Just as with most things these days, even pocket money has become digitalised! Many parents worry that the absence of physical coins can lead children into not seeing the value of the money they have (much like when Apple Pay first arrived!). However, kids today are growing up in a digital age, where most of us pay our way with cards or our phones, so they don’t tend to see us spending cash either!

Child-friendly debit cards and apps, such as Go Henry or Kite by Starling Bank, are a great way to prepare your child for handling money in the real world. These apps give parents full oversight and control over their children’s personal finances, whilst allowing kids to build up their confidence around digital finances and gain some independence. There are even automated savings features on them and donations – so a similar transition from the 3 coin jars for older children!

Get Kids Involved With Family Finances!

Obviously I’m not suggesting handing over your bank accounts to your six-year-old, but it can be really powerful to give your children a window into your household budget and day to day spending. This can be as simple as explaining why you’re buying a supermarket brand when doing the food shopping or how you’re saving for a new car, and asking for their thoughts and opinions.

With older children, you could even let them practise their budgeting skills on smaller family financial decisions, such as letting them budget and plan the weekly food shop. Teaching them to look at petrol prices at different stations when you are on a drive can even show them the importance of shopping around! The more financial confidence they can build in a safe environment, the better.

It All Starts With You

We know parenting can be tough, especially if we are worried about our own finances – and in a cost of living crisis at that. If you feel like you either don’t and can’t have a healthy relationship with money. Perhaps you want one but don’t know where or how to start, we are here to help! Our attitudes towards money can stem from our own childhoods – and that’s no slight on our parents, it was a different time – but they can be changed!

We offer money mindset coaching to help our client overcome their subconscious money blocks, to enjoy making money and help them to feel good about it too! We would love to help you with teaching your children about finances too! Book a call with us to discuss how we can help you by emailing