Martin Lewis revealed an important tip parents can share with their children in tonight’s episode of The Martin Lewis Money Show: Live.
The financial expert went into schools on a mission to find out what children and young people know about cash, and with the continuing squeeze on family finances, what they really need to learn.
As it stands, financial education is rarely taught in schools, so Martin implored parents to talk to their kids about their own financial situations, however good or bad.
‘Many families tend to hide their finances from their children,’ Martin said. ‘If it’s bad it’s often to try and protect them, or even out of embarrassment.
‘But talking to your kids about money is a great piece of financial education so they can learn how it works really give them a step forward for the time they become financially independent themselves.
‘Plus, if you are going through a bad time financially, with older children, communicating about it, let them know the situation, gives them an opportunity to become more considerate, to maybe take the pressure off you.’
He stressed that children are ‘capable’ of understanding money too.
‘Maybe it’s time to open up,’ he suggested.
After the programme aired, Martin stated that ‘we need to educate the nation about finance’.
‘And young people are learning professionals – so where better to start?’ he added.
Martin’s simple hack comes after he revealed how to save hundreds on home and car insurance by switching now.
Speaking in a recent episode of his ITV show, the economics guru spoke about an upcoming deadline which viewers should bear in mind.
As Martin explained, home and car insurance providers are required to charge existing customers the same as new customers from this coming January.
While it sounds like a positive, the change could spell ‘the end of cheap deals for switchers’ as prices are adjusted.
Martin revealed how viewers could save money by switching providers as soon as possible, encouraging them to check price comparison sites and consider their options – as it could save them hundreds of pounds.
The Martin Lewis Money Show continues on Thursday at 8.30pm on ITV.