Teaching kids to save more and spend less this summer
As the summer holidays kick off, families across Scotland are looking for cheap but meaningful ways to keep the children busy over the summer - and there are some brilliant opportunities out there to do something a little different!
If you're a parent you'll be well aware of the pressure from the kids to spend over the next few weeks but one new initiaitve hopes to encourage younger members of the family to consider budgeting and saving this summer rather than spending.
Young people today face increasingly complex financial decisions, yet money management remains a skill often overlooked in traditional education. - nearly 6 out of 10 parents consider financial literacy more crucial than traditional subjects like maths or technology skills for their children's future success. In response, a new initiative is offering a limited number of free sessions to help kids build essential financial skills from an early age.
The programme, run by social impact company MyPocketSkill, is offering limited free spaces on their online “Pocket Wise” financial education programme aimed at 7 – 14 year olds. The sessions are delivered by friendly, relatable university students and cover everyday topics such as budgeting, saving and making informed spending decisions.
“Financial education isn’t just about numbers,” says Zara Ransley of MyPocketSkill. “It’s about confidence, independence, and giving young people the tools to make good choices with their money. While some schools touch on this in their curriculums, we know from speaking to young people that it rarely covers the topics that matter most to young people.”
The sessions are interactive and age-appropriate, using real-life scenarios and discussions to get kids thinking about how they use and deal with money. Delivered one-to-one via Zoom, they are accessible to everyone regardless of location and busy schedules.
Ellis, aged 8 recently finished his sessions with Samanta, a 20 year student from Cardiff and said: “I really liked my Zoom with Samanta - I learnt that everytime mum taps her phone at the supermarket it takes money from her bank ….and instead of spending my pocket money on football cards each week, I’m going to see if I can save enough for a new Switch game!”
Families can also choose to continue with further sessions, exploring more advanced topics like buy-now-pay-later schemes like Klarna, understanding online scams, and an introduction to investing. However, there’s no obligation to do so.
With the cost of living still a concern for many households, programmes like this are proving timely. They offer an alternative activity for the upcoming holidays while helping young people build useful life skills in a supportive environment.
Places are available throughout the summer holidays with limited free spaces. Families interested in finding out more can request more info by emailing [email protected]