UK 04 September 2017: A new study commissioned by Experian has revealed a glaring lack of confidence and knowledge amongst British parents when it comes to teaching their children about money matters.
Despite the fact that 62% of parents recognise that they are the single biggest influence in shaping their children’s attitudes towards money from a young age, many lack the confidence (52%) and knowledge (58%) to do this. As a result, 3 in 5 (60%) are concerned about their children’s ability to successfully manage their finances in the future.
According to the study, parents find it more difficult to tackle the subject of money than some of the trickier conversations they will have with their kids, including talking about the ‘birds and the bees’ (31%), how to cook (26%) and even dealing with personal hygiene (20%).
James Jones, Experian UK&I, said: “With the new school term fast approaching, this could be the perfect time for parents to start including their children in discussions about money and giving them the experience of making financial decisions.
“It’s worrying to see that some parents are holding back from talking to their children about money, especially when we know that children’s money habits are set from as early as the age of seven1. Many children are missing out on money lessons at school, making it even more important to start the conversation at home. Encouraging children to discuss money matters from as young as four years old can help them develop positive attitudes, values and behaviours, giving them the best chance of being financially secure in later life.”
Today, Experian is launching a new Values, Money and Me family learning programme, designed to help parents support the development of their young children’s attitudes and values towards money, along with their financial knowledge and abilities.
James Jones continues: “We recognise that parents can play a vital role in the development of their children’s money skills, so the introduction of Values, Money and Me’s new family learning programme will help make sure they receive valuable support outside the classroom. We want all young people to have the opportunity to gain vital knowledge and skills around managing money successfully, both now and in the future.”
Parents can use Experian’s free online resource, Values, Money and Me, to helpchildren explore the sometimes complex, emotional and moral challenges that we all deal with in relation to money, through a wide range of real-life situations. Values, Money and Me is for children aged 5-11 and is a fun and easy way to help children explore essential skills about how to manage money well.
You can see the family learning programme in action here.
Notes to editors:
1 Habit Formation and Learning in Young Children, by Dr David Whitebread & Dr Sue Bingham (University of Cambridge): Report commissioned by The Money Advice Service May 2013
Methodology: Censuswide interviewed 2,005 British parents with children 18 and under between the 1st and 4th August 2017.
For more information please contact:
Experian’s Joe Green on 01159922515 or firstname.lastname@example.org.
Case study is available on request.
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have run a financial education programme in the UK since the mid-1990s and develops a variety of resources to help people of all ages get to grips with issues around money, credit and credit checking. Since 2013, Experian has partnered with the charity ‘pfeg’ (part of Young Enterprise) to transform primary schools around the country into national Centres of Excellence for financial education, helping more than 25,000 pupils, parents and teachers improve their money skills.
We have more than 16,000 people operating across 37 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
About Values, Money and Me
Values, Money and Me helps children to explore the world of money within the context of personal and ethical values. Children will begin to appreciate the, sometimes complex, emotional and moral dilemmas that we all face in relation to money.
Children live in a world where their desires and values are influenced by many factors; family, peers, the media and the law. Values, Money and Me focuses learning through a range of tasks, plans and dilemmas faced by the characters that live in Pride Place. Through the characters, their families and the situations they find themselves in, we can help children to explore and understand how the ever-changing adult world of money affects them. It explores how they can take more responsibility for their own money and to consider the moral and ethical values they hold about it.
Values, Money and Me also explores what money cannot buy, by considering the value of friendship, giving of their time and kindness. By understanding 'social capital' and the value of their participation with others, they can see money in the context of being good citizens, friends and family members.