Parents are shirking conversations about money with their kids

SWNS

One in three parents are shirking conversations about money with their kids – because they don’t want them to make the same mistakes they did.     A poll of 2,000 parents with children aged between 10 and 20 found 85 per cent worry they will give their offspring bad financial advice.     As many aren't confident when it comes to investing (29 per cent) budgeting (25 per cent) and credit scores (23 per cent).     While 21 per cent have struggled to discuss saving for university with their kids.     It also emerged 51 per cent want to give their children the best footing in life financially but feel like they aren’t qualified to pass on what they need.     The research was commissioned by Skipton Building Society [https://www.skipton.co.uk/financial-advice/financial-planning-explained], part of the Skipton Group, which has teamed up with TV presenter and finance expert Tayo Oguntonade to provide parents with insight about how to broach the subject.

Transcript

00:00Right parents, let's get savvy with money

00:04It's official when it comes to speaking about money with their kids parents are dodging conversations

00:09And that's because one they don't want them to make the same mistakes

00:11They did and two they just don't know what to say

00:15So today I'm doing a back to school at home session and I'm gonna be sharing my top tips to stay ahead of your kids

00:22Welcome class to our back to school at home session. Now who feels that they aren't equipped to help their children with finances?

00:31That's why we're here. So my first tip would be to start with what you know as a parent

00:35You're probably responsible for the bills the groceries the holidays

00:38You're actually an expert start introducing your children to these conversations today, and I'll make talk about money more comfortable in the future

00:45My next tip you don't need to be an expert straightaway start small but be consistent

00:52There's lots of videos online that give financial education and trust me when I say a video a day can keep the jargon away

01:01Here's another one for you when you want to take action seek regulated financial advice and you can do this with Skipton by going on

01:07To their website or even better going into the branch that way you get free coffee

01:11It's really important to get your kids into good financial habits early

01:15We all want to be role models to our children, but it's important that we're giving them the right advice at Skipton

01:21We're passionate about helping and supporting with all things financial

01:25So there you have it

01:26Make sure you pay attention and do your homework and for more information head over to skip to undercut UK

01:31Or pop into the branch for a friendly chat right parents class dismissed

01:41You

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