We’ve teamed up with EdPlace, the smartest revision app for GCSEs, 11+ and SATs to share tips on money education and saving for you and your children. Here are their tips on teaching your children about money.
When we look around us, money does seem to make the world go around! It’s everywhere and this means that children are exposed to money and what these little discs or notes represent from a really young age. It’s therefore hardly surprising that money and money skills are taught in all of the key stages of the National Curriculum. At EdPlace, we work with a group of talented teachers who really know the best ways to introduce this important topic to students. They’ve shared some of their top teaching gems below, so why not try introducing the topic of money with your child today, you may be impressed by what they already know!
Top Teaching Tips
Mrs Sutherland – Key Stage 1 Teacher
“When introducing money and saving into the home we recommend using physical coins over bank transfers and placing these coins in a place where children can see them building up. A glass jar or plastic cup works really well for this. You may even like to mark on the outside of the container a target for them to try and reach? When it comes to saving, especially with younger children, setting a realistic short-term goal is really important. Expensive items take far too long for them to understand the benefits of saving, so instead aim for something they can buy within a few weeks, as this may encourage them to save for longer once they’ve reaped the reward! Once your child has hit their target for saving, take them to the shop with their savings and let them choose what they would like to buy. It’s really useful at this point to help them to count the money out (and you may need to help here) and also to let them pay for it themselves.”
Mrs Corden – Key Stage 2 Lower (Year 3/4) Teacher
“By the time they reach Years 3 and 4, children should already be able to recognise coins and make simple amounts with them. Then, in Year 3 they’ll be taught how to add and subtract amounts of money to find totals and also to find out how much change would be given. Later, in Year 4, they will build on their knowledge of place value alongside developing their understanding of money.
Shopping with your child (real or imaginary) can be a fantastic way of helping them to get a real-life understanding in Maths at this age. It’s really useful to talk to them about how much items cost and encourage them to start working out how much shopping will cost in total. You can also encourage them to count on from the amount their items cost to the amount they gave the shop assistant, to ensure they have been given the right change. This will support what is taught in school but in a fun, accessible way.
Another great way of getting your child interested in money and budgeting at this age is to allow them to earn small amounts of money for doing chores and errands around the house. Your child may like to work towards a larger purchase such as a toy, game, or day out and you could work with them to calculate how many times they need to wash the car or walk the dog to be able to reach their goal! Doing this with your child from an early age will not only help them with maths lessons at school but will encourage them to develop financial independence and responsibility – an essential life skill.”
Miss Billinghurst – Key Stage 2 Upper (Year 5/6) Teacher
“Money is a great way of getting your child to use their mathematical skills without realising they’re doing it! When you go to the shops, ask your child which bread to buy and why – which would be the cheapest, when taking into account value for money and price per kg.
Encourage them to look for sales – if something is 50% off, ask them what the new price will be, or what the price would have been before it had 50% off. If you’re budgeting for something, such as a new washing machine or even a holiday, include your child in the discussion: you can tell them that you can save £50 a month and the washing machine/holiday costs £x. How many months will it take to save up? Having these conversations not only helps them with their maths skills but helps children to develop an understanding of value, something that is essential down the line.”
Miss Mill – Key Stage 2 Upper (Year 5/6) Teacher
“It’s really important to talk about money with your children, even if the main focus is for them to understand its worth. Here are some ideas to help you do this effectively at home. Why not build your child’s confidence by getting them to buy items at the shops and work out the change. Ask them to read out prices on shelves or in magazines so that they are used to reading money in pounds and pence. Give them pocket money and discuss what they might be saving up for, helping them to work out how long this might take. Ask them to help budget your weekly food shop; they could use an online supermarket website to help with the costs.”
If you’d like to give our money mastery activities a go, why not check them out at www.edplace.com