According to a parenting and relationship specialist young people in England, Wales and Scotland should learn how to save money, in a step to help them learn the value of money.
Helping children learn and understand how to save money themselves is a great way for them to learn. By letting them contribute to purchases made by the family for items such as toys or treats, it can demonstrate how to handle money and learn the responsibility that goes with it.
In today’s society it is becoming more difficult to manage money as most purchases are made with a debt or credit card. But children need to see real money transactions being made and the importance of dealing in cash transactions.
Savings accounts can be a great way for young people to learn about how to save their money. There are many types of savings accounts that children can open, so that they can experience how to save and how it all works.