How to teach money responsibility
- By Jack Preston -
- Jun 15, 2012
My Virgin Money Magazine’s independent financial expert, Harvey Jones, has this month decided to tackle a question on many parents minds – ‘how can I teach my wayward teenager to be more responsible with their money?’
“As ever with kids, it helps if you start the good habits early. If you set up a savings account in their name while they were young, they will hopefully have seen the benefit of setting a little aside every so often,” explains Jones.
“If you haven’t – better late than never. Visit a price comparison site such as Moneyfacts, to find a good children’s savings account. These are usually available to under 16s. If your teen is 17 plus, many banks and building societies offer young person accounts, or allow under 18s to sign up for their standard accounts.”
If you wish to find out more tips from Jones on this topic then head on over to My Virgin Money Magazine, where he covers everything from setting a budget to showing children the importance of money.