This is just the start for them. There will be a long term impact because I’m giving them the skills to manage money.
The UK Financial Capability Strategy points out that “Parents are the key influencers on their children, but few are given the support they need to fulfil this role.” with 44% of parents not feeling confident in managing money and only 1 in 3 parents talking to their children about household finances (Money Advice Service, 2016).
Having to bring up a family on a limited income imposes particular barriers for parents.
A lack of options and choices, the threat and reality of debt, and the stigma, stress and isolation associated with poverty have long-term impacts on the mental and physical well-being of children and parents.
The whole family
For over a decade, our financial education work has stood out because we involve the whole family. Though Made of Money’s approach cannot remove a family from poverty directly, Made of Money works to help parents regain a sense of their own agency and build resilience.
Parents understand how their own upbringing, as well as societal attitudes, shape their relationship to money, and in turn what their children learn. Through discussions, role-plays and resources like our family learning pack they start to change the way they talk and think about money with their children.
"Before I never used to explain to them why I couldn’t buy a certain thing or whatever, I thought they wouldn’t understand.
But after doing the course I realised you can explain certain things about money to them. They’re able to understand a lot."
Made of Money participant
Find out more about our approach to financial capability: