New tool launched to help you teach your kids about money

A new online tool has been launched to help you raise money-smart kids. Developed by the Money and Pensions Service (MaPS), Talk, Learn, Do is designed to give parents and carers the confidence to talk to their children about money.

How does it work?

It breaks down topics into bite-sized chunks of information and fun activities. Topics include:

• pocket money
• shopping
• saving

The inspiration for the tool

The tool was developed after research by MaPS found less than half of children (47%) benefit from good financial education at home or school.

It was also a response to the fact that only a third (31%) of parents are likely to talk to their children about money worries, despite the fact talking openly about these things helps build healthy financial habits for life.

Added benefit

As well as helping kids, trials of an earlier version of the tool have also spurred parents to take action to improve their own financial situation.

Lisa Davis from MaPS said:

“We’d urge everyone to take time to talk to your children about the benefits of money and the challenges it can bring.  Doing this early can be an absolute game-changer for them and it’ll benefit your own financial wellbeing too.”