In September 2014, financial education became part of the secondary school curriculum in England, but few schools have actually been able to introduce it, meaning lots of young adults start working life without a good grasp of how the world of money works. Before you know it, your own kids will need to start making their own financial decisions; here are some things you can do with them from a young age to teach them basic money skills:

       1. Incorporate money into playing

Playing ‘shops’ is a rite of passage for young children. But give them some coins to play with to encourage them to start understanding the concept of paying for things you want. As they start to get older and have homework to do, use physical money rather than dice or counters to help with their maths.

      2. Encourage them to earn their pocket money

Pocket money is a tool used by many parents to help teach their children the value of money – see more here. Encouraging your children to undertake jobs like the washing up, tidying their rooms or weeding the garden will help them to understand the value of money and instil a sense of appreciation for money they earn.

      3. The fundamentals of budgeting

Saving is an important life skill that everyone needs. Help your children to understand the value of it by encouraging them to put aside a proportion of their pocket money each weekend, and save for a more expensive item that they really want. They’ll value it a lot more if they’ve worked hard to earn it!

      4. Talk about the cost of everyday items

It might sound obvious, but if you’ve never done a food shop, how are you supposed to know how much a pint of milk costs, or how much a loaf of bread is? Take your children on the supermarket run with you, and talk to them about the cost of your everyday essentials.

      5. Involve them in financial decisions

If you’re making a big decision about a holiday, a new bathroom, or even replacing the sofas, rather than talking about the money behind closed doors, you should involve your children. It’s important that they understand the financial consequences of big decisions, and can see the processes you go through to make them.