Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Three Money Moves to help Guide your Child Through University
Moneymagpie Team
6th Nov 2023
University marks a crucial milestone in your children’s lives. It’s the all-important transition from childhood to adulthood. As parents, you have an opportunity to help guide them through the financial decisions and challenges they will face during their time at university, supporting them in shaping their financial futures.
When they graduate from university, they’ll enter a world where financial independence becomes their responsibility. Considering the average adult makes ten financial decisions daily, totalling over 250,000 decisions by the age of ninety, it becomes clear why empowering your children with sound financial skills is essential.
Not only does this build their resilience to handle setbacks, but it also safeguards their mental well-being. Research has shown that half of mental health issues stem from financial stress and debt, making financial preparedness a crucial aspect of their development.
Why we need to talk about money: In the UK, money is a taboo subject. In fact, research tells us that parents would rather talk to their children about sex than money, and that a quarter of UK adults would rather talk about almost anything else – infidelity, abortion, parenting techniques – than their finances.
Creating an open and ongoing dialogue about money is at the heart of preparing your children for financial success. Break the taboo around money matters and encourage your children to share their thoughts and questions. Being transparent about your financial journey, including setbacks, helps them develop a healthier relationship with money.
The Three Money Moves – Earn It, Keep It, and Grow It:
Prepare your children for their financial journey through the principles of earning, keeping, and growing money.
- Earn It: Encourage them to get part-time jobs or side hustles at university. This teaches the value of hard work and resourcefulness.
- Keep It: Teach them the art of budgeting, an essential life skill often overlooked in formal education. Help them understand the difference between needs and wants, the significance of savings, and the long-term benefits of financial planning.
- Grow It: Introduce them to investing, starting with tax-advantaged options like pensions and ISAs. Encourage long-term thinking regarding investments, understanding that financial growth is gradual -you must invest for ‘decades not days’.
Why that matters.
As your children step into new social circles at university, their financial influences may shift. While you can’t control their friendships, you can instil good money habits from an early age. Equipping them with financial knowledge and values will empower them to resist societal pressures to overspend and make more responsible financial decisions.
Financial education should begin early. Engage your children in age-appropriate financial lessons, making money management a part of their everyday lives. From primary school onwards, instil habits that will form a strong foundation for their financial future.
As your children embark on their university journey and beyond, your role in their financial education is invaluable. Empower them with the tools to make informed decisions, develop a positive relationship with money, and confidently embrace financial challenges.
Remember, financial freedom is not about how much money they make but how they earn, keep, and grow it wisely. Please encourage them to embark on this journey with awareness and action, enabling them to be confident and in control of their financial future.
Wherever you are on your road to financial freedom – even if you’re taking the first step – communicating openly about money is the foundation of financial planning because burying your head in the sand will always cost you more than your mental health. Any debts or bills left ignored will always catch up with you. Opening up to someone you trust will help you to see that you’re not alone in your money worries and that support is out there.
You can read more about Rob Gardner’s three money moves – Earn It, Keep It, Grow It, in Amazon best-selling personal finance book, FR££DOM, Earn It, Keep It, Grow It’ and we have 5 copies to giveaway, by entering the competition below:
What percentage of UK adults would rather talk to their children about anything other than money?
- 10%
- 20%
- 25%
Simply leave your answer in the comments below and we’ll select five winners. Competition closes on November 30th at midnight*
Packed with practical advice and actionable strategies and supported with illustrations by New York Times Columnist Carl Richards, money activist and financial expert Rob Gardner brings his extensive industry experience and passion for empowering individuals to achieve financial freedom in a world worth living in, ‘FR££DOM: Earn It, Keep It, Grow It.’
FR££DOM aims to empower readers to take control of their finances, achieve financial freedom, and how to use their money to have a positive impact on the planet. Proceeds to the author from every sale will go to RedSTART, the financial education charity Rob co-founded. £16.99 available via Amazon.
This 18-chapter book is arranged within four comprehensive sections – ‘Earn It, Keep It, Grow It, and Preserve It’ – taking readers on a journey to long-term financial freedom. Throughout the book, readers will also learn how to make their money a force for good; understanding how they grow their money can help create a prosperous and sustainable future for people and our planet.
To guide you through the world of finance, Rob has also created a FREE Financial Freedom Quiz. This tool will evaluate you on the three money moves, offering actionable insights to bolster your journey to financial freedom. Remember, it’s never too late to earn, keep and grow your money.
*
- This competition is promoted by MoneyMagpie (“Promoter”).
- Competition entry is only open to residents of the United Kingdom aged 18 years or older. No purchase necessary.
- The competition is not open to employees (and their families) of the Promoter MoneyMagpie, their agents or related third parties who are directly connected with the administration of the competition.
- The Promoter will not be responsible for lost or late competition entries.
- The winner will be chosen at random by an independent judge and will be notified via email or telephone. The judge’s decision is final and no correspondence will be entered into.
- By entering the competition you consent to being communicated to by the Promoter and the company offering the prize. Following such notification, the winner will be required to send the Promoter full details of their postal address to which the prize will be delivered (if applicable). You consent to your details being passed onto the company offering the prize so it can be sent out.
- The winner agrees to the use of his/her name and image in any material associated with the competition, as well as their entry
- If the Promoter cannot: (a) contact the winner (via the details provided at the date of entry) within 5 working days or (b) the winner does not return details of its postal address to the Promoter within 14 days of notification that they have won the Prize, the Promoter reserves the right to re-draw a new winner until a winner on these terms is found.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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