The cost of living crisis is showing little sign of easing up this year as inflation remains in the double digits, supermarket prices continue to soar and energy bills are set to rise by around £500 from next month. While most households across Scotland and the rest of the UK have tightened their budgets and reduced spending to limit the financial impact of the ongoing economic crisis, it can be tricky explaining changes to younger members of the family.
Personal finance expert Rhiannon Philps from NerdWallet, says that no matter what happens, parents often try to shield their children from money worries and continue as normal. But she warns that mums and dads across the nation may be missing out on a great opportunity to teach children about money and ensure they pick up good financial habits from a young age.
A recent study from Startling Bank found that more than a fifth of parents don't know what to teach their children about money, and 20 per cent lack confidence in their own ability to educate children on finances.
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