Mar 20 2009
An American 'financial diva' has unveiled her top ten tips for teaching children the value of saving.
Victoria Woods, president of ChappelWood Financial Services, says child savings are often neglected by parents and it is important to start early in "teaching their children the basics of financial literacy".
Her tips include opening a child savings account where they can deposit birthday money, encouraging the use of cash over credit cards and buying them stocks in their favourite company.
Co-Operative Financial Services has found that over half of UK parents have already begun teaching their youngsters about the credit crunch.
With the recession biting deep, parents are finding that education on saving money now could save costly bail-outs later.
Head of Child Trust Funds at the Co-Operative Zack Hocker says: "If children are taught about money from an early age, future financial decisions are likely to be better considered."
