Consumer Corner: Should you give your child pocket money to teach them about saving?

Money is not a subject taught in school but it forms such a big part of our lives.

By age seven, children can develop money habits that can last a lifetime.

Mid-term break is just over, but the Easter holidays are just around the corner. This will mean kids have more time away from the classroom and with that comes freedom. However, school holidays can be expensive times for parents, so when is it time to start teaching your children about money and saving? Is it ever too young? After all they should know that money, as we say, “doesn’t grow on trees”.

Financial expert Frank Conway says that children as young as three years of age are identified as having developed an awareness of money and by age seven can develop money habits that can last a lifetime.