If you have grandchildren, do you talk to them about money?
In my view this may be a really good idea especially when they are young and are more receptive to advice than when they get older.
Young children are not only very receptive to advice, but also appreciate advice. They are certain to be very thankful in a few years time if they take you up on money advice. It’s not really a secret but young children in the main love to save and count their savings.
Perhaps surprisingly young children are more willing to listen to their grandparents, rather than their parents. As a grandparent you are in a unique position to have a significant influence on your grandchildren’s saving and buy adipex us pharmacy spending habits.
Sadly very few grandparents have taken the initiative to talk with their grandchildren about money or the importance of saving for university, the purchase of their first car, or even the deposit for their first flat.
I wouldn’t worry about stepping on the toes of parent either. Most parents will be delighted that you are showing an interest in your grandchildren’s financial well being. With a bit of careful tact you might just be helping relief your own children of some of the burden.
Just to make sure that no feathers are ruffled, it is probably best to speak to the parents first and let them know that you want to talk to your grandchildren about the importance of money and saving for the future. A great way to educate them is to tell your grandchildren stories — how you saved for your first car or how you blew your first wage packet. Just tell them a story as we all have them to tell when it comes to money. These stories could prove to be the most valuable lessons you could give to them especially as they are about you personally.
So what should you be talking to them about?
- Tell your grandchildren how prices have changed over your lifetime. How much a loaf of bread or litre of milk cost when you were their age, compared to today? And how much did petrol cost when you bought your first car?
- If they get money on their birthdays, use that occasion to bring up the value of saving.
- Talk about the importance of getting the right education and skill sets are for adult life or lack thereof
- Ask them if they have any worries or concerns about savings and money, you may be surprised how many children suffer from money anxiety. Your calming words may be just what they need to hear.
- Contact Martin Dodd on 01902 742221 or email him at [email protected] if you would like talk about money issues for your grandchildren.
- Check out our other recent articles here
