Parents of 16-24yr olds: Your childs financial future needs you.
My most commonly asked question
After publishing my first book ‘7 Steps to teaching your child to save: A parents guide to raising financially independent children’ I recieved encouraging feedback and lots of parents agreeing they wished they had specifically talked about money with their chiildren sooner.
However, I was surprised to recieve many enquiries from parents of ‘grown up’ child, who simply were tearing their hair out at their son or daughters lack of interest in money, and an amazing ability to spend every penny that came their way.
The most common question I was asked was ‘My child is ‘useless’ with money. How do I get them to stop spending? They won’t listen to me’
Many of these parents were highly educated, high earners whose children had recieved a great education and seemingly all of the right ‘tools’ in place to learn how to manage their money, yet they still they hadn’t got the right mindset to master this crucial life skill.
Many of these parents told me that discussions on money often ended in arguments, making no difference to how their child managed their money, instead creating a bigger barrier between them.
You can’t turn back time.
You might have had great ideas on how to introduce them to money, pocket money schemes, rewards for good grades, opening their first bank account, saving birthday money, but somehow life may have gotten in the way or the timing wasn’t right or they simply didn’t see a need to know.
Whatever the reason for their apparent lack of interest in money, you are now faced with a different prospect, your son or daughter getting ready to move on with their lives, possibly leaving home and needing to get to grips with their own financial future.
So, what can you do now?
Well, having researched available resources, it’s actually pretty difficult as a parent wanting to help your child learn to manage their money, particularly when it comes to their opinions, decision making and mindset.
I found the following:
- A few good books on both financial awareness (Rich dad, Poor Dad being the classic) and a money mindset (but none particularly aimed at this age group)
- Some excellent financial education schemes such as Young Enterprise or My Bnk (not a typo – that really is the name) but they are largely charity run and will depende if they operate in your school or area
- Some bank led booklets and savings schemes
- Financial Education on the secondary school ‘Citizenship’ curriculm (largely focused on the practical knowledge e.g. what is the difference between a debit and credit card)
- and plenty of information (too much) online
How I can help you to prepare your child for their financial future?
If you are struggling with finding ways to support your son or daughter with learning to manage their money, then be part of something which helps us all find a better way to prepare our children for the real world by taking part in my Youth financial independence survey.
The survey consists of 10 questions, none of which require personal financial details, searching more for your opinion than fact and if you leave your email address I will send a summary report of the findings to you, along with any new resources I have as a result of the survey.
The survey closes on Monday 2nd November.
My name is Fay Arrundale and I am a financial mentor who champions individuals to take charge of their money through the company I founded at www.lookafteryourpennies.com
If you would like to hear more from me and recieve a copy of my ‘12 step guide to mastering your Money Mindset’, sign up to my regular newsletter.
I am the author of “7 Steps to teaching your child to save: A parents guide to raising financially independent children” available to buy on Amazon kindle for just 99p, also available in paperback.