Many parents 'educating kids about money'

Brits who have been successful in their task to find cheap mortgages are hoping to pass on their knowledge for doing so to their kids.

A study conducted by Capital One has found that 81 per cent of mums and dads hold the belief that it should be up to them to educate their children on financial issues.

In fact, 61 per cent of parents polled have said that they have already carried out some lessons on money to their youngsters, or at least intend to do so in the future.

However, one barrier to this method is the fact that the research also highlighted that 43 per cent of respondents feel that they do not hold adequate financial knowledge themselves.

Brian Cole, managing director of Capital One, commented: "It's encouraging to see that during difficult financial times, financial education is high on parents' agenda. However, it's clear that finance is a topic that some parents may need help on."

Recently, Kim Stephenson, occupational psychologist and founder of online resource Taming the Pound, advised that kids should be educated on cash flow as early as possible, to help them cope later in life.
 

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2011-07-19 12:59:41 © Moneyextra.com