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A MoneySense at Home initiative has been launched by Ulster Bank in Newry. Pupils from Abbey Christian Brothers’ School helped launch the resource which supports parents in teaching their children all about money.
Year 10 pupils Josh Keenan (left) and Micheal Linden joined Jill Smyth, Head of MoneySense at Ulster Bank, MoneySense ambassador Claire McCollum, and Ciara McDonnell, customer service officer, at Ulster Bank’s branch in Hill Street for the launch.
MoneySense at Home, which offers free and impartial financial education for families, has been devised by the bank following research which found one third of local families don’t currently talk with their children about money.
It is an extension of the Ulster Bank’s highly successful MoneySense for Schools initiative, which is used by around 70% of post-primary schools in Northern Ireland, and is the largest financial education programme in the UK or Ireland.
The online resource at www.moneysense.ulsterbank.co.uk covering topics including budgeting, savvy shopping, and managing debt. It is supported by MoneySense Ambassador, parent and well-known broadcaster Claire McCollum.
Speaking in Newry she said: “Research by MoneySense shows that about one third of families don’t talk with their children about money, and MoneySense at Home aims to support all parents to do so in a practical way. As a mother with two children who I really want to grow up with a good understanding of money and the skills they will need to make good financial decisions, I think this is a fantastic initiative that can provide invaluable help to parents.”
“Learning about money and how to manage it is an essential life skill, and supporting this in both schools and at home will place our young people in a great position to make good financial decisions throughout their lives,” she adds.
Head of MoneySense at Ulster Bank, Jill Smyth, says: “Many schools use ‘MoneySense for Schools’, which gives children a good start, but as all parents know, learning happens at home too, and it's at home that children put money management principles into practice. MoneySense at Home is designed to provide parents and families with a resource that they can refer to for support with areas such as budgeting, managing debt, talking to children about money, and getting the best value for money when shopping.
“We are delighted to have the support of Claire McCollum, who is both a mother and a well-known and respected broadcaster, to help encourage parents to use the resource so that they can help their children build the financial capabilities that they will need,” she adds.
The ‘MoneySense at Home’ website includes: up-to-date guides; case-histories; a blog; a live newsfeed of stories on budgeting, family financial issues, money management and smart shopping; as well as a series of features on areas such as ‘back to school’ and making learning about money fun.
Other tips and insights offered by the ‘MoneySense for Home’ site include:
· Giving your child responsibility for their own phone credit and clothing allowance is the perfect way to teach them about shopping around and making choices in a relatively safe environment
· You might not be the type of family that sits down together every night to dinner, but do try to have a regular time, perhaps the first Monday of every month, where you do make a point of catching up and discussing family finances.
· Talk to teenagers about how credit works, so that the shiny promise of plastic doesn't run them into debt down the line
· It's good to get children thinking about how they can help to reduce monthly bills. You'll soon discover that children of different ages will have different ideas, such as saving on water by having showers not baths, walking to school rather than using the car. You may learn something too!
Further information is available at: http://www.moneysense.ulsterbank.co.uk/
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