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Posted by Chris Stevenson

Children should be taught about the importance of money management from an early age, an expert has said.

Kim Stephenson, occupational psychologist and author of Taming the Pound: Making Money Your Servant, Not Your Master, believes parents should strive to educate their little ones on financial responsibility as quickly as possible.

Mr Stephenson explained that letting kids experience the consequences of their actions when spending cash will help them in the long run by providing them with the tolls they need to manage their money later in life.

"Children learning that the thing you do each month is save will end up doing it automatically - then the habit they have will be one that will help them," he stated.

The specialist went on to say that while some youngsters may "still spend all their student loan in two weeks", this is less likely to happen if they become accustomed to the idea that "spending first, thinking later" is unwise. 

30/03/2012 10:42