Youngsters learn essential skills to safeguard their financial future
FROM the age of seven children have already formed money habits and by 15 their financial conscious behaviours are being set, according to research by Cambridge University.
That's why teaching financial literacy and money management skills at an early age is crucial.
Financial literacy impacts every Northern Irish household and covers everything from the ability to manage personal finances to having the confidence when making choices about insurance, property, budgeting, savings and investments. It all comes down to making the right decisions to safeguard their long-term financial success in life and work.
Many parents lack confidence in communicating with their children around money, which is concerning given a child's home environment is the most powerful influence on their financial behaviour.
As a leading financial services company, Lloyds Banking Group consider it part of its responsibility to help improve the financial education and capability of young people in Northern Ireland.
That's why the group has developed financial literacy classes. The classes, which are delivered by Halifax colleagues, support school children to learn about the importance of money and saving, and are available to all schools across Northern Ireland.
Recently, more than 150 pupils aged from four to eight from St Patrick's Primary School in Magheralin took part in the financial literacy classes. The sessions helped the children to gain a better understanding of how and why we use money and covered topics including the different places money comes from, how money makes us feel and how to save.
Kathleen Oliver, acting principal at the school felt it was important that their pupils develop the right attitude towards money from a young age, to set them on the right path so they can manage their own finances later in life.
Providing financial guidance that can support decision making later in adult life is extremely important. By delivering these classes our colleagues are making a difference to the lives of young people, by helping them to understand the importance of being financially aware.
:: Jim McCooe is Lloyds Banking Group Ambassador for Northern Ireland