In an interview with the BBC, Kirsty Bowman-Vaughan from the Money Advice Service offers five tips on teaching children about saving money.

  1. Pocket Money

Before they can save, children need money in the first place. Give them regular pocket money, no matter how small. 

2. Saving for a treat

Give them responsibility for saving up for something they want - without spending, saving just becomes collecting money. Let them have that wonderful experience of buying something they’ve saved for.

3. Make it fun

Put your children in charge of putting their money in a safe place. By registering for a children’s savings account, young savers can earn both a competitive rate of interest whilst also having a physical passbook which they can be responsible for. Your children will quickly realise that money isn’t a toy and it needs to be looked after.

4. Let them lose it

Let them make mistakes and don’t step in to bail them out, this is one of the best ways that they can learn. When it’s gone, it’s gone!

5. Show them the money

Don’t make money invisible, your child will learn from you. If you’re working on your household finances, bring them over and explain what you’re doing. Savings shouldn’t be a secret!

Why not give your kids a Sure Start with our exclusive account for under 21s? In addition to receiving a competitive rate of interest, children will also receive their very own Vernon Bear money box.

The Government’s Money Advice Service provide free and impartial money advice.

Head office:

Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Fax: 0161 477 3303
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk

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