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Deciding how and when to discuss finance with our kids can be difficult. Some primary schools have access to the Bank of England backed Money and Me programme, which teaches key financial concepts and how to manage money at a young age. The real learning, however, will always start at home; how you manage your spending (and saving) will always be the most significant lesson for your children. So, how can you engage your children with successful money management? An important step is building familiarity. Let your kids handle money and see the value it holds. Introduce the idea of purchases that are ‘essential’, such as food basics, and those that are ‘luxury’, such as a magazine. This will help develop a sense of value and perspective when it comes to finances; that everything has a cost andneeds consideration. Thatway, when youdo finally introduce the humble piggy bank, the concept of budgeting will already be clear. For older children, being given financial responsibility is a vital part of growing up. Set the right example by explaining how you plan your money for the short, medium and long-term, or opening a savings account with them, so they can see how interest works as an introduction to very low-risk investing’. When they receive money for birthday and Christmas, encourage the discipline of spending half and saving half. However, you choose to prepare your kids, there are resources available to support you. Speak to your children’s school to find out how they teach money in their curriculum — or try asking an adviser for simple ways to present financial concepts (you might learn something new yourself!) James Turner is a Financial Planner at Amanda Redman Financial Planning, a Partner Practice of St. James’s Place. For further advice and to speak to James please email him directly at: james.turner@sjpp.co.ukor feel free to call him on07359 218142. MONEY MATTERS: How should we talk to our kids about money? The piggy bank has always been a traditional gateway for children to learn the importance of saving their pocket money — but, given these turbulent times, this simple lesson may no longer be enough. James Turner reports: Amanda Redman Financial Planning is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website http://www.sjp.co.uk/products. The 'St. James's Place Partnership' and the titles 'Partner' and 'Partner Practice' are marketing terms used to describe St. James's Place representatives. SJP Approved 14/12/2023. 29 Raring2go! FINANCE raring2go.co.uk/northumberland

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