Balancing Family Budget Is 'Kids Play'

Modern Northern Ireland parents are responding to the financial crisis by teaching their kids more about money.

They are putting a much higher priority on informing and teaching their children about good money management, research by Ulster Bank suggests.

The new data indicates that parents are now spending much more time talking about managing money with their children than before, and that personal finance education is now regarded as an extremely high priority in preparing young people for the future.

Amongst the findings of the significant piece of research are that 58% of parents in Northern Ireland report talking more about money with their family in the past 12-18 months than before, and that 91% of parents say they feel personal finance and financial education should be taught as part of the school curriculum.

In fact, parents in Northern Ireland now place personal finance as the fifth most important subject that should be taught in local schools, just behind Science and Computer studies.

The research also shows that nearly half of parents in Northern Ireland say they have seen a recent improvement in their teenager's ability to manage money.

Pauline McKiernan, Corporate Sustainability Manager at Ulster Bank, said: "What is perhaps surprising about this research is the extent of the high priority Northern Irish parents place on teaching children essential life skills around money management - both in terms of the formal school curriculum and the support role of the family.

"The research shows parents hold strong views about the value of financial education and its role in preparing young people for adulthood."

The research, 'Money Matters for Parents of Teenagers', was completed by Amarach Research - on behalf of Ulster Bank - involving 603 interviews with a representative sample of parents with children aged 11-19.

Its findings will help inform the ongoing work Ulster Bank is doing in financial education for schools, families and communities.

In conjunction with the research, Ulster Bank has just launched its latest MoneySense guide, 'Making the most of your family budget'. The guide, developed in partnership with Parenting NI, includes information on family benefits and supports as well as practical tips for parents on how to teach their children good money habits. The guide was developed in consultation with parents to understand what matters most to them.

Speaking on behalf of Parenting NI, Alison McNulty, Director of the Parenting Forum, said: "Every year Parenting NI sees an increase in calls from parents asking for help on how to deal with the stress and challenges that Christmas brings.

"From budgeting to managing expectations of children and family, the latest MoneySense guide is a great source of practical information for parents at any time of year."

(BMcC)