As a modern mum, sometimes it feels like we’re expected to teach our children how to do everything —how to tie shoelaces, how to cook gourmet meals, how to change a tyre or even unblock the sink. The list goes on.
Whilst we might be ok with low-level plumbing issues in the home, when it comes to empowering our children in finance, many feel daunted and don’t know where to start. It’s a tricky topic, after all. What’s more, the government is aware that financial education should be given more of a priority than it currently has and recently launched the biggest ever programme of financial education set to hit our schools imminently as a result.
At goHenry, we believe passionately that there is a place for financial education and learning money skills in schools. We also know that all the important skills of life (and financial skills rank up there) are learned through doing. Creating an environment outside the classroom where children can learn under the watchful eye of their parents not only empowers them, but also gives them ‘real world’ experience; and that’s what will make all the difference as they grow in independence and eventually leave home.
We founded goHenry as parents, for parents, as we wanted our children to be equipped with a firmer grounding in finance than we were given ourselves. What we’ve found is that the earlier you begin educating young people about money and finance, the better – they just need the right kind of tools and framework to learn in. We provide such a solution, where young people can learn about money under the watchful eye of the parent, while at the same time being empowered to be independent and make the right kind of saving and spending decisions.
Because every mum could use a bit more simplicity in her life, the solution we created gives exactly that. Basically, goHenry makes managing your children’s pocket money and allowances super easy. Children can earn money through automated pocket money transfers from their parents or by successfully completing chores and tasks around the house. But we’re more than just a tool for managing your children’s pocket money; we’re about empowering them to develop great money habits that will last a lifetime.
The goHenry account is really easy for children to use and allows them to see their earning and saving and how it relates to their spending in a digestible, transparent way. This means young people are motivated and empowered to set short and long-term savings goals to save up for the things they love; all within a secure environment where they can only spend what they’ve earned and saved. This reinforces the right kind of money habits and great financial skills that will last a lifetime.
Finally, we have the child’s favourite part of the financial education process—spending. While we love teaching children about the importance of earning and saving, we’re also just as happy to see the sense of achievement and happiness as they look forward to making a purchase they’ve been saving for—after all, we’ve taught them how to earn it, so they should learn how to spend it responsibly too.
The government’s debate around financial education will only continue as we move into this new school year, but the best advice we can give right now—there’s no need to wait for government action when we can take the lead in our own homes by creating an environment empowering children to earn, save and spend responsibly. So go on, goHenry.
Disclaimer:- This is a Guest Post by Louise Hill, mum, Founder and COO of goHenry
This post is protected under copyright. SusankMann 2009 – 2014