Introducing PktMny – and how we’re helping children to learn great money skills at home
Financial education is big news at the moment and the government has just launched its biggest ever program for schools. Some people have said it’s too little, too late and that a generation of young people are leaving school without the money skills to make wise and informed decisions on their personal finance when they enter the adult world.
At PktMny, we believe passionately that there is a place for financial education and learning money skills in schools. We also know, like you, that all the important skills of life (and let’s face it, financial skills are a big one), are learned through doing. Having an environment at home where children can learn under your watchful eye can really empower them and take the theory out of the classroom and put it into practice in the real world.
Helping our children to learn the cycle of earning, saving and spending is really important to their understanding of how money works and the key to good money habits. And it’s better to start that conversation and process early. Don’t think young children don’t get it, because they very much do. They just need the right kind of framework to learn in. PktMny provides this. It empowers children to learn about this cycle under the watchful eye of their parents, but more so, to help them to take responsibility and gain independence for their money in a safe and secure, yet liberating environment.
In terms of starting the cycle, children can earn money through automated pocket money payments from their parents or by successfully completing chores and tasks around the home. Once earning, we love it when our members work with their children to set some short and long-term savings goals as learning about saving is key to boosting good money skills. What’s more, we encourage traditional money values and children can only spend what they have saved and earned; we don’t believe in debt, especially not for children and teenagers.
Obviously earning and saving are crucial but at PktMny we also love to see our children spending what they have earned and saved, because it completes the cycle and gives them a sense of achievement and enjoyment. When they spend on a saving goal and purchase a larger-priced item, it teaches them the benefit of earning and saving.
PktMny was created by parents for parents to make pocket money easy and our members say it has enabled the most open and constructive conversations around money that they have ever had with their children. Financial education will only continue to become a more widely-debated topic, particularly as the 2015 General Election approaches. However, we needn’t wait for the government to take the lead; we can create fantastic learning environments in our own homes, where children are empowered to learn how to earn, save and spend responsibly and improve their money skills with our help and support.
Louise Hill, COO & Founder PktMny