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Insurance Loan Claim: Parents 'should teach kids about money'

If parents want their children to avoid having to ask for a bank refund or incur unnecessary credit card charges, they could try to teach them the value of money.

Joanne Mallon, author of Toddlers: An Instruction Manual, suggested asking youngsters to "save hard for a big item".

This could result in them adding value to the product and could encourage them to perform a number of chores, the specialist pointed out.

She stated her daughter recently raised £20 to purchase books by undertaking tasks such as washing the car, mopping the floor, ironing clothes and tidying rooms.

While many children find it hard to understand the concept of cash, "it's one of the most important lessons we as parents need to teach them", Ms Mallon declared.

Pocket money is also a good way for mums and dads to inform their offspring of the value of money, parenting journalist and author of Raising Children: The Primary Years Liat Hughes Joshi recently argued.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801349836-ADNFCR

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