Kids say - where does money come from?

Thursday 26 June 2016

Bringing a child into the world is one of the most life changing events in a person’s life …but can anyone ever be fully prepared for it? In our 13th annual ‘Cost of a Child’ research the results are eye opening (perhaps even watering), to say the least!

The average cost of raising a child in the UK in 2016 is £231,843

…that’s more than the price of an average family home!

At LV= we want to make sure that you’re prepared for every step of raising your child; from teaching them to save their pocket money, to protecting your own income should the unexpected happen.

As adults, of course we know where money comes from - and just how quickly it goes!

We asked our kids what they spend their pocket money on, or what they would buy with £1million, their answers were wonderfully creative:

Transcript

Question on screen: Where does money come from?

“A shop's like places”

“Bank of England”

“A shop”

“From the bank”.

"It comes from the shop".

“From a bank”.

Question on screen: What do you need to do to get money?

“Ask them for money, then give them a cheque”.

“If you work really hard and concentrate”.

“You have to work really hard”.

“Buy jobs”.

“You have to work hard unless you get pocket money”.

Question on screen: How do you earn and spend your pocket money?

“I have to earn my pocket money by doing good things, I would spend it on maybe a new toy”.

“I take the dishwasher out and put stuff in, and I do the washing up sometimes and I clean my room”.

“I sometimes buy toys or buy some chocolate”.

Question on screen: What would you do with £1,000,000?

“I would spend it on mummy and daddy and my friends…and on sweets”.

“I would get a pet snake”.

“I’d spend money on loads of football boots and football kits”.

“I’d buy a swimming pool”.

END SCREEN

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But how can you teach your child to save their money without lecturing them on the importance of pinching those pennies?

Here are our 5 top tips for teaching your child to save:

make a savings goal chart
reward your child for saving
match your child’s contributions
talk about money day to day
let your child make mistakes

For more top tips on money saving for children, visit the Money Advice Service.

Who knows, installing the money saving mentality into our children while their young could benefit us in the future…what goes around, comes around -right?

But where would money come from to support your child if you suffered an accident or illness affecting your ability to earn? At LV= we offer a number of products to ensure the protection of you and your family should the worst happen.