Today we have a guest post from Sarah Willingham, BBC Dragon, consumer champion and mum-of-four, about how she used Jangle to help teach her kids about money.
I am at my happiest in my kitchen, especially with my kids. We LOVE to cook, bake and eat together. I don’t know a child who doesn’t love baking… even those who just want to lick the bowl at the end. So this weekend I set my little ones a challenge using Jangle, the free non-commercial iPad I’ve partnered with Experian and pfeg (Part of Young Enterprise) to develop.
The whole idea of Jangle is to get kids to do activities to earn money whilst working or learning. It’s full of pre loaded suggestions. I did the ‘bake off’ and got the kids to hold a cake sale for the family.
Managing debt and future-proofing your finances is a target for many of us. We hosted a video on June 15th with consumer champion and BBC Dragon Sarah Willingham, Chief Executive of the Money Charity Michelle Highman, and Experian Experts’ own James Jones to provide expert tips on how to beat debt and prepare financially for the future.
The guests spoke about three main topics – Managing debt – Watch them discuss how and why people get into debt, what the common mistakes are and how we can try to avoid them, and give tips to beating debt and getting back on to an even keel.
Future-proofing your finances – Experian research has shown that the over-55s are worried about their financial future. Our panel discussed how people who fall into that demographic can help ensure they’re prepared for retirement and the probable loss of income that it brings, and also talked about how younger generations can future-proof their finances.
Financial education – The panel also spoke about what parents can do to help ensure they give their children the best start when it comes to financial education.
At what age do children really understand the value of money? Experian research* found that 65% of parents of 5-9 years olds are confident their child has a good appreciation of the value of money, while 69% think their child has a good appreciation of the difference between a necessity and a luxury.
However, by the time those children get to the 15-18 age bracket – a time when they are mostly spending money themselves and in many cases earning it – 20% of parents are not confident their child has a good appreciation of the value of money.
Did you do the odd chore to earn your pocket money when you were younger?
Sarah Willingham, consumer champion, mum of four and BBC Dragon has called for British parents to rethink how they give pocket money to their children with Experian research finding that 85% of British children that receive pocket money don’t always have to earn it.
Sarah told us: “Pocket money is often the first experience children have of managing money, and I’d like us, as parents, to take a more active role in teaching our kids the importance of earning their pocket money and saving for the things they’d like. Continue reading →