Parents must teach children about money, says expert
Children should be taught where credit card cash comes from, according to a former Wall Street figure.
Parents must teach children about money, says expert”
Arun Abey, who is also the author of the book How Much is Enough?, advises parents to explain to their children where money comes from and where it goes.
This is particularly important since ATMs and credit cards have made money seem almost invisible, the author argues.
Mr Abey also believes that it is important for parents to set up a savings account for their children and to explain about investing money.
"I can't think of a more important moment in our country's history to teach these lessons. The current financial crisis, caused equally by reckless bankers as well as uninformed consumers, underscores the need for this kind of education and understanding," he said.
This week HM Revenue and Customs launched a new teaching resource called Tax Matters to teach young people about tax issues.
The resource is an interactive online tool with video, quizzes and games to help teach young people about tax and its role in society.
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