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Bank claims: Parents 'should teach children the value of money'

Parents should not incur unaffordable loan charges to provide for their children, statements from an expert have indicated. founder Justin Modray argued mums and dads should only spend what they can afford.

This will put youngsters in good stead for their own financial future, he continued.

Children's saving accounts can be a simple way for parents to invest cash for their offspring, the specialist stated.

Building societies and banks often provide good rates, because these are a "very small part of their overall business", he continued.

A buy-now, pay-later culture, which has been a persistent part of the UK recently, has left a significant part of the populace "drowning in debt", Mr Modray declared.

He recommended that parents give children a "healthy respect for debt" to prepare them for later life.

Parenting journalist and author of Raising Children: The Primary Years recently said pocket money can also be a way to give children an education in money management.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-801335197-ADNFCR

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